Analysis firm Chainalysis reported that the Huione market continues to operate successfully despite government efforts and the closure of its Telegram channels.
Transaction Volume of Huione
According to Chainalysis, Huione has processed transactions worth approximately $81 billion, despite closure actions taken by authorities. The analysis shows that the platform operates largely independently.
Sanctions and Huione's Response
The U.S. Financial Crimes Enforcement Network (FinCEN) proposed to prohibit Huione from accessing the U.S. banking system. However, Huione maintained stable transaction volumes even after this notification, demonstrating its resilience to sanctions.
Chainalysis Recommendations to Tackle Huione
Chainalysis calls for a multi-faceted approach to combat illegal operations, highlighting the need for a comprehensive response from law enforcement that addresses not only surface structures but also the more complex systems that facilitate activities of groups like Huione.
The situation with Huione highlights the challenges law enforcement faces in combating organized crime in the cryptocurrency sector. January 2023 marked a significant indicator of how resilient such structures can be even in the face of closures and sanctions.
