Despite being designated a 'primary money laundering concern' in the U.S., wallets linked to Huione continue to move large sums through crypto exchanges. According to a report from Global Ledger, from May 1 to June 17, over $10 billion in Tether (USDT) was processed through wallets tied to Huione.
Money Under Control
The report by Global Ledger indicates that from May 1 to June 17, wallets linked to Huione handled over $10 billion worth of USDT on Tron and another $219 million on Ethereum. Nearly $943 million of this amount ended up on centralized exchanges.
Hidden Operations
The U.S. Financial Crimes Enforcement Network (FinCEN) labeled Huione a 'primary money laundering concern,' which was expected to limit access to U.S. financial institutions. However, according to Global Ledger's Yury Serov, Huione-linked funds are still making their way to major exchanges, albeit through more complicated paths.
Rebranded Platforms
Some Huione-related sites temporarily went dark, while others resurfaced under new names. For instance, Super-exchange.co announced a 'suspension' of services but remains operational. Huione Guarantee quietly transitioned users to a spinoff marketplace called Tudou, where Huione reportedly owns a 30% stake.
Despite the ban, Huione continues its operations using various circumventing methods. This highlights the effectiveness issues in regulating crypto exchanges and demonstrates that shutting down such operations does not always result in their complete functionality ceasing.
