Money laundering concerns: Nearly $1 billion in USDt linked to Huione flows to exchanges

Despite a May 1 designation by the US Financial Crimes Enforcement Network (FinCEN) as a primary money laundering concern under the PATRIOT Act, forensic analysis from Global Ledger indicates major centralized exchanges (CEXs) were exposed to nearly $942.9 million in USDt (Tether USDT) transfers originating from wallets connected to the Huione group.

Key findings

Global Ledger’s research focused on Tether luminescent transactions occurring between May 1 and June 17, identifying approximately $10.13 billion in transactions on the Tron blockchain and $219 million on Ethereum linked to Huione-associated wallets. According to the report, a significant portion of this funds channeled into major exchanges.

Yury Serov, investigations lead at Global Ledger, stated that the movement of funds involving Huione-associated wallets indicates continued exposure to major exchanges, often routed indirectly through nested service providers, OTC desks, or complex transactions designed to obscure the original source.

Group structure and persistent activity

Huione, registered in Hong Kong but based in Cambodia, operates several subsidiaries according to FinCEN data:

• Huione Guarantee: A Telegram-based illicit market platform
• Huione Pay: A cryptocurrency and fiat payments service
• Huione Crypto: A centralized cryptocurrency exchange

Though Huione Crypto has registered entities in Poland, its operations primarily stem from Cambodia. As of July 8, 2025, this Polish entity remained listed in Poland’s business register, with Global Ledger confirming its integration into the Huione operational structure via shared naming, licensing, and interlinked wallet infrastructure.

Huione has faced accusations as a transnational fraud platform, allegedly aiding groups like North Korea’s Lazarus Group and operators of “pig butchering” scams. While platforms like Huione Guarantee (formerly Haowang) have declared temporary suspensions or transitions (e.g., towards Tudou marketplace), associated websites and services persist under new domains.

Expert division and historical context

The designated date for Huione Guarantee’s cessation was June 30, 2025; however, its stated successor Tudou appears active, holding a reported 30% stake. Blockchain analysts are divided on the actual extent of Huione’s shutdown. Chainalysis noted increased activity post-designation, while Elliptic disputes this view, distinguishing between Huione Guarantee’s halted operations and Huione Pay’s continued crypto transactions.

Ultimately, Huione’s persistent activity follows a pattern observed in the shutdown of other illicit platforms, like the previously sanctioned Hydra Market, demonstrating that service disruptions often trigger rapid innovation among successor operations or continued low-profile functioning under new branding.