Huione darknet still raking in crypto as $81B flows despite shutdown
The post Huione darknet still raking in crypto as $81B flows despite shutdown appeared on BitcoinEthereumNews.com. Chainalysis’ analysis reveals that Huione, one of the largest darknet marketplaces, continues to process massive volumes of cryptocurrency despite enforcement efforts. An estimated $81 billion has flowed through the platform, even after authorities targeted its Telegram channels and support infrastructure. On May 13, Haowang Guarantee, formerly Huione Guarantee, announced it closed after the Telegram messaging service blocked thousands of its connected accounts and channels. However, Chainalysis said activity connected to the illicit marketplace has not decreased since the so-called “shutdown,” according to an analysis released Thursday, June 12. The American blockchain analysis firm highlighted that their data indicates that the platform handles billions of dollars in transactions. According to the report, this demonstrates a strong system that works mostly independently without relying heavily on its public-facing setup. Huione defies US sanctions as crypto transactions surge The Treasury’s Financial Crimes Enforcement Network (FinCEN) on May 1 proposed prohibiting the Huione Group from access to the US banking system. They alleged that the company assisted North Korea’s state-sponsored Lazarus Group in laundering cryptocurrency. Even though US banks usually act quickly and terminate relationships upon announcement to manage regulatory risk, Huione has proved resilient against officials, said Chainalysis. The blockchain analysis firm further stated that this de-risking effect suggests Huione probably lost access to US dollars starting from the day of the notice. Still, transaction data indicates that the operational impact was minimal. Following their explanation, the data reveals that transaction volume remained steady after the FinCEN announcement and may have even increased. Huione’s daily volume. Source: Chainalysis Apart from Chainalysis, TRM Labs also shared data concerning Huione’s operations. According to a May 30 report from crypto analytics company TRM Labs, the Huione Group continues to run channels for its VIP vendors and has taken at least $81 billion in crypto since 2021. This is…
The post Huione darknet still raking in crypto as $81B flows despite shutdown appeared on BitcoinEthereumNews.com.
Chainalysis’ analysis reveals that Huione, one of the largest darknet marketplaces, continues to process massive volumes of cryptocurrency despite enforcement efforts. An estimated $81 billion has flowed through the platform, even after authorities targeted its Telegram channels and support infrastructure. On May 13, Haowang Guarantee, formerly Huione Guarantee, announced it closed after the Telegram messaging service blocked thousands of its connected accounts and channels. However, Chainalysis said activity connected to the illicit marketplace has not decreased since the so-called “shutdown,” according to an analysis released Thursday, June 12. The American blockchain analysis firm highlighted that their data indicates that the platform handles billions of dollars in transactions. According to the report, this demonstrates a strong system that works mostly independently without relying heavily on its public-facing setup. Huione defies US sanctions as crypto transactions surge The Treasury’s Financial Crimes Enforcement Network (FinCEN) on May 1 proposed prohibiting the Huione Group from access to the US banking system. They alleged that the company assisted North Korea’s state-sponsored Lazarus Group in laundering cryptocurrency. Even though US banks usually act quickly and terminate relationships upon announcement to manage regulatory risk, Huione has proved resilient against officials, said Chainalysis. The blockchain analysis firm further stated that this de-risking effect suggests Huione probably lost access to US dollars starting from the day of the notice. Still, transaction data indicates that the operational impact was minimal. Following their explanation, the data reveals that transaction volume remained steady after the FinCEN announcement and may have even increased. Huione’s daily volume. Source: Chainalysis Apart from Chainalysis, TRM Labs also shared data concerning Huione’s operations. According to a May 30 report from crypto analytics company TRM Labs, the Huione Group continues to run channels for its VIP vendors and has taken at least $81 billion in crypto since 2021. This is…
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