Major centralized exchanges (CEXs) have been linked to nearly $1 billion in USDt transfers associated with Huione since its designation as a primary money laundering concern by FinCEN on May 1, 2025. Recent analysis from Global Ledger indicates that $10.13 billion in Tether transactions occurred through Huione-linked wallets in a short time frame, with substantial amounts ultimately directed to CEXs. Experts show that despite claims of a shutdown, outflows from these wallets continue, often obscured by indirect transaction routes. Although Huione’s operations appear to persist, the company is officially listed on Poland’s business register as part of its broader structure that includes several subsidiaries in crypto and fiat payment services. While some analysts argue that Huione Guarantee, a significant illicit platform, has effectively ceased operations, others maintain that new illicit markets have emerged in response. This scenario highlights a trend where the closure of such platforms often leads to the rise of alternative illicit channels, making it difficult to ascertain the true extent of activity in this space.

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