The Huione darknet marketplace continues to operate and demonstrate growth despite recent shutdown measures.
Closure and Its Consequences
Haowang Guarantee operators, previously known as Huione Guarantee, announced a shutdown on May 13 after Telegram banned thousands of associated accounts and channels. However, Chainalysis reported that the activity linked to Huione has not declined.
Resilience and Growth of the Platform
According to Chainalysis, Huione continues to process billions of dollars worth of transactions despite the shutdown. 'Our data shows that the platform is still functioning, indicating a high degree of resilience in the system.' Furthermore, after the FinCEN announcement banning Huione from using the U.S. banking system, transaction volume not only did not drop but actually increased.
Need for a New Law Enforcement Approach
Chainalysis emphasizes that it is time for law enforcement to update their strategies to address organized criminal groups like Huione. These entities still manage to evade regulatory action, necessitating a more comprehensive response to the problem.
The existence and success of Huione highlight the need for changing approaches to combat crime in the cryptocurrency space, which should be a priority for law enforcement.
