The main centralized exchanges (CEX) were exposed to nearly a billion dollars in USDT transfers linked to the portfolios associated with Huione because its illegal market has been deleted, according to new data from Global Ledger.
On May 1, the US Financial Crimes undercarriage Network (Fincen) designated Huione as a main concern of money laundering under the Patriot Act. Since then, experts in legal medicine have been divided on the extent of the platform’s judgment.
Global Ledger said that he had observed $ 10.13 billion in Tether USDT (USDT) transactions on Tron and $ 219 million on Ethereum in portfolios linked to Huione between May 1 and June 17, in a research report exclusively shared with Cointelegraph. $ 942.9 million finally flocked to CEX.
Yury Serov, at the top of the surveys in the Swiss blockchain analysis firm, told Cintelelegraph that the activity of the wallets linked to Huione indicates a continuous exposure to major exchanges, but often by indirect routes.
“The funds associated with Huione can be transported via nested service providers, over -the -counter offices or diaper transactions that obscure the original source,” said Serov. “Although these methods can hide direct exchange interactions, the underlying movement models always lead to major centralized exchanges, suggesting continuous operational use.”
Huione Polish recording and the new stealth website
The designation of Fincen prohibits American financial institutions from opening or maintaining the corresponding accounts for the controversial conglomerate based in Cambodia and recorded in Hong Kong.
Huione was accused of having been a transnational fraud and money laundering platform used by cybercrime groups, including the Lazarus group sponsored by the state of North Korea and the networks engaged in “pork bites” scams. The Elliptic Blockchain Analysis Society has linked the HUN family’s operations to the power of Cambodia.
The group operates at least three known subsidiaries:
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Huione Guaranrae, an illicit market -based market platform
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Huione Pay, a Crypto and Fiat payment service
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Huione Crypto, a centralized exchange.
Huione Crypto enrolled in Poland in mid-2023 but mainly operates outside Cambodia, according to Fincen. From July 8, 2025, it remains listed in the Business Register of Poland.
Global Ledger said that the entity recorded in Poland is clearly part of the wider structure of Huione, citing both names of name and license as well as the activity of the portfolio.
“Based on our analysis, we can confirm that the blockchain infrastructure using the entity entered in Poland operates under the operational structure of the wider Huione group, which includes Huione Pay,” said Serv. “Transaction flows involving Polish VASP cannot be separated from those of other Huione subsidiaries, as the portfolio infrastructure is linked.”
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Several websites and social networks linked to Huione have been offline since the Fincen action, but have reappeared in new areas.
Such a site, super-exchange.co, has remained accessible to July 8 and displayed an opinion indicating that Huione Crypto operations and related services would be suspended on June 30, 2025. Despite the opinion, the site remains functional.
Experts divided on Huione’s judgment
The guarantee of Huione was one of the most closely observed scams at the scam under the Huione group of the Cambodian conglomerate. The Chinese market, organized on Telegram, facilitated the sale of illicit goods and services, including stolen data and the laundering of scam products. It has been described as the largest Darknet market of all time, with more than $ 24 billion in volume of transactions.
On May 13, Huione’s guarantee – operating under the guarantee of the name of Haowang – announced that it would suspend operations following a repression on its telegram channels. In the same message, he directed users to another market called Tudou, in which Huione would have a 30%participation.
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Despite the closure, the activity concerning the services linked to Huione has not decreased evenly. In a June report, the Blockchain analysis company based in New York Chainalysis observed increased activity linked to Huione market operations.
However, this point of view is disputed. Elliptical claims claim that the activity of the Huione guarantee has mainly ceased.
“Some researchers have incorrectly confused Huione’s guarantee with other companies in the Huione group, notably Huione Pay, a large payment company with points of sale in brick and mortar across Cambodia which also accepts cryptocurrencies,” said Elliptic.
“The Huione Pay and Huione warranty has engaged in very different activities, with a separate infrastructure of cryptographic portfolio.
Elliptic also noted that the closure of the Huione guarantee has led to the rise of at least 30 new illicit markets which are trying to fill the void it has left.
Huione’s activity shows that the Darknet market stops rarely puncture the end
The proliferation of new markets after the collapse of the Huione guarantee reflects what happened after the fall of Hydra Market, once the Darknet platform is.
The analysis channel has identified Hydra as the best paid Darknet market of 2022 despite its April closure that year following sanctions from the Office of Foreign Assets of the US Treasury (OFAC). Like Hydra, the closure of Huione has triggered the rapid emergence of successor markets which are aimed at users looking for alternative illicit channels.
The withdrawal of an illicit service rarely leads to an immediate stop of criminal activity. In many cases, the services reappear under the new brand or continue in stealth mode.
Guarantx, an exchange of crypto linked to Russia sanctioned alongside Hydra by the OFAC in 2022 and later by the European Union in 2025, would have renamed Grinene and continued to facilitate fund transfers. As of May 30, the intelligence company of the Global Ledger blockchain identified at least $ 1.66 billion which flows from portfolios linked to Grinene in centralized exchanges.
Likewise, Exch, an crypto exchange service without knowing that your client (KYC) announced its closure after the German authorities have seized its servers and its cryptographic assets. But according to TRM Labs, the service has quietly redone operations in stealth despite the public withdrawal.
In the case of Huione, the group seems to remain active via indirect channels. It has a 30% stake in Tudou, now considered the main successor to the Huione guarantee market. The activity of the portfolio linked to Huione Pay and its Crypto exchange services also shows that the group has not disappeared from the blockchain landscape.
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