Crypto Exchange Exchange Exposed to $1B Huione Link USDT Outflow

According to new Global Ledger, major centralized exchanges (CEXS) have been exposed to nearly $1 billion in transfers associated with Huione-related wallets, as its illegal market is allegedly closed.

On May 1, under the Patriot Act, the U.S. Financial Crime Enforcement Network (FINCEN) designated Huione as the main money laundering issue. Since then, forensic experts have divided the extent to which the platform is closed.

Global Ledger said it observed a $10.13 billion Tether USDT (USDT) transaction between May 1 and June 17 in Huione-C-Chinked Whatlets’ Thron Tether USDT (USDT) transaction, and a $219 million transaction in Huione-related wallets related to Huione in a research report with Cointelegraph. $942.9 million eventually flowed into CEXS.

Yury Serov, head of surveys at Swiss blockchain analytics, told Cointelegraph that activity in Huione-related wallets shows that despite frequent indirect routes, it is constantly exposed to major communications.

“Funds associated with Huione can be routed through nested service providers, OTC desks, or layered transactions that mask the original source,” Serov said. “While these approaches can mask direct communication interactions, potential motion patterns can still lead to major centralized communications, which suggests continued use of operations.”

Huione’s Polish registration and new stealth website

Fincen’s designation prohibits US financial institutions from opening or maintaining disputed corporate groups that are controversial with Cambodia and registered in Hong Kong.

Huione is accused of being a transnational fraud and money-laundering platform used by cybercrime groups, including the North Korean-sponsored Lazarus Group and the network engaged in the “Pig Butchering” scam. Blockchain analytics firm Elliptic connects the group’s business to the Cambodian-ruled Hun family.

The group operates at least three known subsidiaries:

• Huione guarantees, an illegal market platform based on telegraph

• Huione Pay, Crypto and FIAT Payment Services

• Huione Crypto, centralized communication.

According to Fincen, Huione Crypto was registered in Poland in mid-2023, but mainly operates in Cambodia. As of July 8, 2025, it is still listed on the Polish business register.

Global Ledger said Polish registered entities are clearly part of the broader Huione structure, both referring to naming and licensing links and wallet activity.

“Based on our analysis, we can confirm that the blockchain infrastructure leverages Polish registered entities operates under the broader Huione Group operating structure, including Huione Pay,” Serov said. “As wallet infrastructure is interconnected, transaction flows involving Polish VASP cannot be separated from transaction traffic for other Huione subsidiaries.”

Related: FATF’s cryptographic list hints at the next regulatory crackdown

Since the Fincen operation, multiple Huione-related websites and social channels have been disconnected offline, but have reappeared in new areas.

A website like this, super-exchange.co, is still accessible as of July 8, and shows a notice stating that Huione’s encryption operations and related services will be suspended on June 30, 2025. Despite the notice, the site remains valid.

Experts split Huione’s closure

Huione’s guarantee is one of the most popular scam platforms under the Cambodian conglomerate Huione Group. The Chinese market is hosted on telegrams, promoting the sale of illegal goods and services, including stolen data and scam proceeds. It is described as the largest DarkNet market ever, with transactions of over $24 billion.

On May 13, Huione assured (and then operated under the Haowang assured name) announced that it would suspend operations after crackdown on its telegram channel. In the same news, it directs users to an alternative market called Tudou, which reportedly holds a 30% stake.

Related: Garantex successor moves $1.66B through crypto exchange: Global Ledger

Even though it was closed, activity with Huione link services did not uniformly decline. In a June report, New York-based blockchain analytics firm Chain Analytics observed an increase in activity related to Huione’s market operations.

However, this view is controversial. The activity that the elliptical claim requires Huione to guarantee is basically stopped.

“Some researchers confuse Huione’s assurance with other Huione group companies, the most famous Huione Pay, which is Huione Pay, a large payment business with physical stores in Cambodia, which also accepts cryptocurrencies,” Elliptic said.

“Huione Pay and Huione’s assurances are involved in very different activities with different crypto wallet infrastructure. By analyzing blockchain transactions at a more detailed level, it is clear that while Huione Pay continues to trade in high batches, Huione’s assurances have effectively stopped.”

The Elliptical also noted that Huione’s guaranteed closure has led to the rise of at least 30 new illegal markets in an attempt to fill the gaps it has left behind.

Huione’s activity shows Darknet market closures rarely spelled

After Huione guarantees, the spread of new markets reflects what happened after the collapse of Hydra Market, which was once the main Darknet platform.

Chainalisy identified Hydra as the highest DarkNet market for racing in 2022, although the market closed in April (OFAC) a year after the Treasury Office of Foreign Assets Control (OFAC) sanctions. Like Hydra, Huione’s closure has also triggered a rapid emergence of a successor market that caters to users seeking alternatives to illegal channels.

The evacuation of illegal services rarely stops criminal activities immediately. In many cases, the service reappears under a new brand or continues to be invisible mode.

Garantex, a crypto exchange with Russia-related (Crypto Changeing), approved Hydra in 2022, later approved by the EU in 2025 by the EU, reportedly Grinex, and continues to facilitate fund transfers. As of May 30, blockchain intelligence firm Global Ledger found at least $1.66 billion from Grinex-connected wallets to centralized exchanges.

Similarly, in a Crypto exchange service that is not aware of your customer (KYC) requirements, Exch announced its closure after German authorities seized its servers and crypto assets. But according to TRM Labs, the service quietly resumed stealth operations despite the public’s withdrawal.

In Huione’s case, the group appears to remain active through the indirect channel. It reportedly owns a 30% stake in Tudou, which is now considered the main successor to Huione’s secured market. Wallet activity related to Huione Pay and its crypto exchange services also shows that the group has not disappeared from the blockchain landscape.

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