TL; DR:
- Despite Huione's reported “Shutdown” and the Disappearance of its Website and Telegram Channels, Data Shows No Meaningful Decline. In FACT, Our Data Shows continued or Even Increased Activity.
- Huione's Persistence Demonstrates The Service's Effectiveness as an Embedded Network of Laundering Pipelines, Only Partially depend on infrastructure.
- Recent developments, included the Impending Fincen Final Rule Designation, offered to Timely Opportunity to Reasess Huione's NGOING Involvement in Organized Crime and Cross-Border Capital Flows.
- Building on our initial Piece about Huione and the Mechanics of Guarantee Services, this follow-up exams Huione's continued role as an industrial-shop money laundering hub.
Following the Takedown of its Website, Telegram Channel, and an Officially Announced Closure, Activity Linked to the Illicit Chinese-Language Marketplace Huione Has Not Declined-In Fact, It has Increased. Our data shows that platform continues to process Billions of dollars Worth of Transactions, Specing to Highly Resilient System that Operates Largely Independent of ITS Public-Facing Infrastructure.
Huione (also Branded As Haowang) Announces that it's closing shop. But has it?
On May 1, 2025, Fincen Moved to Designate Cambodia-Based Huione as a Primary Money Laundering concern under Section 311 of the USA Patriot Act. If Finalized, The Move Would Cut Huione Off from the US Financial System. Yet Transaction Volumes Rémain Largely UNAFFECTED.
Huione's continued Operations Reflect Broader Trends in Chinese-Language Laundering Networks, Particularly Those Built Around “Guarantee Services.” Huione's Ability to Function at Scale With A Complex Infrastructure Suggests A Shift Toward more decentralized, Embedded Financial Systems Designed to Evade Conventional Disruption. Addressing these Networks May Require Updated Enforcement Strategies that Go Beyond Surface Takedowns and Focus on the Complex Underlying Architecture thatm supports them.
Impact of Fincen Designation: Huione continues to launder funds at Scale
This represents fincen's second use of sections 311 and 9714 Against Crypto-Linked Illicit Finance, Following Actions Against the Bitzlato Exchange. The Approache Offers Regulatory Advantages: Section 311 Measures Can Isolate Bad Actors Without IMMOTE JUDICIAL Votation, Asy're Framed as Protective Rules Rather Than Asset Freezes.
While the Rule is pending finalization, Us Banks Typically React Immondately to Section 311 Propals, Often Severing Ties upon Announce to Avoid Regulatory Risk. This “de-Risking” Effect means Huione likely lost us dollar access from the day of the Notice-Yet Transactional Data Suggests Minimal Operational Impact.
The Data Shows that Not Only Did Transaction Volume Not Drop Following The Fincen Announce, It Actually Increased. While it is too to determine the long-term effects, this early trend demonstrate the platform's-and the guaranrae ecosystem's-operational resilience are a reflection of their complex laundering networks, which generally avoid mainstream exchanges subject to us jurisdiction.
In addition to avoiding mainstream exchanges and likely anticipating Regulatory Measures, Huione's Cryptocurrency Exchange Platform has returned to the scene. The Platform Retaineed Its Old Logo, but resurfaced under an unconsispicuous New Domain Huione.me. On this front, Huione Appears Undefeated by Recent disruption against its infrastructure, Huione[.]Me 'Social Media Remain Active Active Across Different Platforms, Including on its telegram channels where commitments Between the business and its users Remain Lively.
On the Crypto Platform, The Huione-Linked Token Xoc and the Huione-Promoted Stablecoin Usdh Are also Liso Listened for Trading.
Typologies of Laundering Service Offerings on Guarantee Platforms
Laundering operations facilitated through Guarantee Services Span a Wide Range of Services. Internally category as “money movement services,” these fall into several core types:
- Card Transfers: Vendors Offer Fund Transfers to Prepaid Cards, Often With Restrictions Based On User Type, Suggesting A Form of Criminal Vetting and Awareness of Potential Law Enforcement Pottrack.
- Fiat-to-stable conversions: Direct Cash-For-Crypto Trades, Often in Person or Through Unregistered Intermediaries.
- Multi-Way Laundering: Complex Offering Involving Multiple Sources and Conversion Pathways.
- Physical Exchanges: Some services in the organize Motorcades for in-person cash pickups, highlighting the real-world logistics behind on-chain laundering.
Translateed Caption machine: Always Insist on Delivering Cash in PersonNever Intermediary, Adding A Little Instability To Customers, Real Pure White Funds, Clean Funds First, Safety First Transaction, Customer Service First, Nationwide Delivery Starting from 50,000! Steady, Steady, Steady
These operations Display Characteristics Suggesting Deep Integration With Other Crime Networks, Often Advertising Through Coded Language and Explicit Disclaimers about Security Protocols. The Continued Sophistication and Volume of These Services Contradicts Any Meaningful Operational Disruption from the advertising shutdown.
Broader Guarantee Ecosystem Response
Beyond Huione, other Guarantee Services in the same ecosystem show mixed volume trends. Some have been growing post-huione shutdown, goal none come close to matching humione's scale. This supports Theory that Rather Than Users Migrating To Other Services, New Money May Be Ennet the Ecosystem Altether and They Are Simply Continuing To Use Their Establised Laundering Networks to Facilitate Their Activity, Rather Thaning Intoher Guarante Platforms.
While One Telegram-Based Service, Tudou Danbao-Which Huione Reportedly acquired at 30% Stake in-Experienced Nearly 3,000% MONTH-OVER-MONTH GROWTH, Examination of Dollar Volumes Rather Than Percentage Changes Reveals These Remain Inshaning Compared To Huione's Continued Operations. Huione's Infrastructure Process Funds at a fundamentally different scale Than Visible Competitors. Instead of User Migration Driving Growth Elsewher, Huione's Core Processing Capabilitities have remained Largely Intact.
Huione's Continued Operation, Even After Its Public-Facing Infrastructure was Taken Down, Reveals the Limits of Current Approaches To Fighting Deeply Embedded Criminal Financial Networks With Multiple Redundancies.
DEFEATING SILOS SILOS: What's Next?
The question now isn't where huione is still operational – it clearly is – but rather, what kind of interventions can meaningfully disrupt it? For now, the data shows one unavoyable truth: Huione's “Shutdown” Did not take it down.
This persistence reflects A Broader Challenge posed by extensive on-chain laundering networks operated by organized criminal groups sophisticated enough to exploit detection blind spots and operate at scale. It calls for an ecosystem-wide Response: Meaning Susted, Multi-Vector STRATEGIES. Critically, these efforts must go beyond National Boundaries. Cross-border Partnerships and real-time information sharing-Particularly Between Financial Intelligence Units, Law Enforcement, and Regulatory Bodies-Are Essential to Mapping Transaction Flows, Tracking Intermediaries, and Closing Enforcement Gaps Exploited by Transnational Networks.
Equally important is the role of blockchain intelligence. AS Laundering Networks Increasingly Leverage Crypto Rails, Advanced Blockchain Analytics Provide Vital Visibility Illicit Transaction Patterns, Uncovering infrastructure that May Remain Hidden Through Conventional Methods. Integrating Chainalysis with International Cooperation can enhance the precision, reach, and impact of disruption efforts.
Ultimately, Confronting Modern On-Chain Laundering Ecosystems Like Huione Will Require More Than Tougher Rules-Informed Unified Action. No single agency can solve this Alone. But with Collective Resolve and Connected Enfacing, Tangible Impact can be made.
This Material is for Informational Purposses Only, and is not intended to provide Legal, Tax, Financial, or Investment Advice. Should Should Consult Their Own Advisors Before Making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with container's use of this material.
Chainalysis dues not guaranto or warrant the accuracy, Completeness, Timeliness, follow -up or validity of the information in this report and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such matterial.
