Massive Crypto Movements Despite Regulatory Action

Nearly $1 billion in USDT has flowed from Huione-linked wallets to centralized exchanges since the U.S. Financial Crimes Enforcement Network (FinCEN) designated the group as a money laundering concern on May 1, according to blockchain analytics firm Global Ledger. The transfers occurred primarily on Tron and Ethereum networks between May 1 and June 17, with 【$942.9 million】 ultimately reaching CEXs through layered transactions.

The Polish Connection

Huione Crypto, a subsidiary registered in Poland in 2023, remains operational despite FinCEN's prohibition on U.S. financial institutions interacting with the group. ——"The Poland-registered entity is structurally inseparable from Huione's broader operations,"—— stated Yury Serov of Global Ledger, noting interlinked wallet infrastructure between the Polish entity and Huione Pay.

Shutdown or Rebrand?

While Huione Guarantee's Telegram marketplace announced closure on May 13, its successor platform Tudou reportedly counts Huione as a 30% stakeholder. The group's crypto exchange website super-exchange.co remains accessible despite displaying a June 30 shutdown notice. Blockchain analysts remain divided, with Chainalysis reporting increased activity while Elliptic maintains the illicit marketplace has ceased operations.

Darknet Market Evolution

The pattern mirrors historical precedents — when Hydra Market was sanctioned in 2022, over 30 new darknet platforms emerged. Similarly, sanctioned exchange Garantex reportedly rebranded as Grinex, moving 【$1.66 billion】 through crypto exchanges. This demonstrates how illicit operations often persist through structural adaptations despite regulatory actions.

Regulatory Challenges

FinCEN's May 1 designation marked the first use of PATRIOT Act special measures against a cryptocurrency entity. However, the continued flow of funds suggests enforcement gaps in the decentralized finance ecosystem. As one compliance officer noted anonymously, "Blockchain's borderless nature requires equally borderless coordination among regulators."