Wallets associated with the Huione network have continued moving significant volumes of the USDT stablecoin to centralized exchanges, even after regulatory actions by the U.S. Financial Crimes Enforcement Network (FinCEN). This activity underscores persistent illicit crypto flows and the complexity of the operational networks involved.
Between May 1 and June 17, 2025, Huione-linked wallets transferred over $10 billion worth of USDT on the Tron blockchain and an additional $219 million on the Ethereum blockchain. A substantial portion, totaling $943 million, flowed into major centralized cryptocurrency exchanges during this period.
The operational footprint of Huione includes subsidiaries such as Huione Crypto in Poland. These entities share wallet infrastructure with other related operations, including Huione Pay, indicating a coordinated network.
Following the shutdown of the Huione Guarantee marketplace, over 30 new illicit marketplaces have emerged, filling the void within the darknet ecosystem. This proliferation highlights the adaptability of criminal networks in the face of enforcement actions.
Despite FinCEN’s designation targeting illicit finance risks, wallets linked to Huione continue to process substantial USDT transactions. This ongoing activity points to significant challenges in enforcing compliance and disrupting crypto-enabled criminal operations.
Effectively countering these networks requires sophisticated blockchain analytics, enhanced cross-border collaboration between regulatory and law enforcement agencies, and the development of adaptive regulatory frameworks capable of addressing the evolving tactics used by illicit actors.