The darknet marketplace Huione, also known as Haowang Guarantee, is reportedly continuing operations and even growing in volume, despite its public-facing shutdown last month.
A new report published by Chainalysis on June 12 reveals that the illicit Chinese-language platform remains active following the closure of its website and Telegram channels.
Huione’s Crypto-Laundering Network Still Thriving Under New Domain
On May 13, Huione announced it was shutting down after Telegram banned thousands of associated accounts.
This followed the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) move to designate Huione as a primary money laundering concern under Section 311 of the USA PATRIOT Act.
The proposed designation aims to cut the platform off from the U.S. financial system.
However, according to Chainalysis, Huione’s transaction volumes have not declined. In fact, they have increased.
“Our data shows that the platform continues to process billions of dollars worth of transactions, pointing to a highly resilient system that operates largely independent of its public-facing infrastructure,” the report stated.
Despite losing access to the U.S. dollar and facing infrastructure takedowns, Huione’s ability to operate appears largely unaffected.
The report highlights that its complex laundering networks avoid mainstream exchanges and rely heavily on a “guarantee” system—a model of laundering services built to bypass traditional scrutiny.
Chainalysis says Huione’s survival reveals a deeper issue: the growing sophistication of Chinese-language laundering networks, many of which rely on “guarantee services.”
These platforms provide peer-to-peer escrow-like services for illicit money movement, bypassing traditional financial institutions and leaving little trace in regulated systems.
Even after losing key infrastructure, Huione’s crypto platform has returned under a new domain, Huione[.]me, retaining its branding and activity.
The company continues to list its own token, XOC, and the Huione-promoted stablecoin USDH. Its Telegram presence has also quietly resumed, with continued engagement between users and administrators.
The report details various laundering typologies used by Huione-linked services. These include fiat-to-stablecoin swaps, in-person cash pickups, and prepaid card transfers.
In some cases, vendors organize motorcades for physical handoffs, demonstrating a blend of digital and real-world logistics.
Huione’s operations are believed to be deeply embedded in broader criminal networks. Its continued resilience, despite visible enforcement actions, highlights the limitations of targeting surface-level infrastructure.
Chainalysis warns that addressing platforms like Huione will require more than just taking down websites or blocking messaging apps.
Huione’s case, the firm argues, shows the need for “multi-vector enforcement strategies” that go beyond surface-level interventions.
These strategies would involve international coordination, advanced blockchain intelligence tools, and real-time data sharing between law enforcement and financial regulators.
“The question now isn’t whether Huione is still operational — it clearly is — but rather, what kinds of interventions can meaningfully disrupt it,” Chainalysis stated.
The findings raise serious questions about current methods to combat sophisticated laundering networks and point to the need for long-term, cross-border collaboration.
Telegram Crackdown Fails to Deter Darknet Activity as Huione Remains Operational
Despite Telegram’s takedown of thousands of illicit channels in May, Huione Guarantee, a darknet marketplace reportedly tied to Cambodia’s elite, continues to operate, blockchain analytics firm Elliptic says.
The crackdown followed revelations that Huione and its Chinese-language counterpart, Xinbi Guarantee, facilitated over $35 billion in illicit crypto transactions, mostly in Tether (USDT).
Elliptic’s analysis shows at least $27 billion in USDT flowed through Huione alone, which offers money laundering services, fake documents, stolen personal data, and even intimidation-for-hire. Xinbi has processed another $8.4 billion since 2022.
Both marketplaces use Telegram’s encrypted infrastructure to operate at scale, acting as hubs for cybercriminals. Even after the takedown, Huione reportedly continues to function through alternative channels.
The U.S. Treasury labeled Huione Group a major global money laundering concern in May 2025, tying it to $98 billion in crypto flows, some allegedly linked to North Korea’s Lazarus Group.
Telegram remains a hotspot for cybercrime. According to the UN, scams, data theft, and laundering via the platform may total $36.5 billion annually, much of it driven by USDT.
As enforcement struggles to keep pace, Elliptic now tracks over 30 similar marketplaces still active across the messaging app.
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