Haowang Guarantee (originally Huione Guarantee) announced on May 13, 2025, that the platform would shut down after Telegram messaging service banned thousands of related accounts and channels.
However, Chainalysis reported on Thursday that activity related to this illegal market has not decreased since the so-called "shutdown."
"Our data shows that the platform continues to process transactions worth billions of dollars, indicating that it has a highly resilient system, largely independent of its public-facing infrastructure," the company stated.
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) proposed on May 1 to ban Huione Group from the U.S. banking system, accusing the company of helping the North Korean state-sponsored Lazarus Group launder cryptocurrency.
Chainalysis noted that U.S. banks typically respond immediately to such announcements by cutting ties to avoid regulatory risks. However, Huione has proven to be highly resistant to authorities.
"This de-risking effect means that Huione likely lost its dollar channels from the day the announcement was made—however, transaction data indicates that its operations have been almost unaffected," Chainalysis stated.
"The data also shows that transaction volumes not only did not decline after the FinCEN announcement but actually increased," the company added.
According to a report released by crypto analytics firm TRM Labs on May 30, Huione Group is still operating channels for its VIP vendors and has received at least $81 billion in cryptocurrency since 2021, surpassing the Hydra market.
The report also pointed out that Huione is a core channel for a range of cybercrime activities, including "pig butchering" scams, fraud, and cyber robbery.
According to Chainalysis, Huione's cryptocurrency trading platform has also returned to the market, retaining its old logo and using a new domain name.
The exchange's social media accounts remain active across different platforms, including its Telegram channel.
The Cambodian corporate group Huione Group is responsible for a range of business networks, including the payment service platform Huione Pay PLC, the cryptocurrency exchange Huione Crypto, and Haowang Guarantee.
Chainalysis stated that the continued existence of Huione Group and its subsidiaries reflects a greater challenge in addressing complex organized crime groups that can operate on a large scale while evading law enforcement.
According to Chainalysis, to truly impact illegal companies like Huione, an "ecosystem-wide response is needed, involving sustained, multi-dimensional law enforcement strategies."
"Addressing these networks may require updated law enforcement strategies that go beyond superficial crackdowns and focus on the complex underlying infrastructure that supports them," Chainalysis stated.
Related: Telegram shuts down "the largest dark web market ever"
Original text: “Dark web market Huione Guarantee continues to operate 'at full capacity' despite shutdown”
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