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A report from Chainalysis published on June 12 showed that the black-market trading network tied to Huione Group is still running, despite claims that it had shut down.
According to Chainalysis, blockchain data suggested that the marketplace is still processing large amounts of cryptocurrency.
Huione Group, a company based in Cambodia, manages several connected businesses. These include the Huione Pay payment service, the Huione Crypto exchange, and Haowang Guarantee.
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Chainalysis described the operation as being able to function without relying on public websites or messaging apps. Even after the main channels were taken down, money continued to flow.
US banks usually cut off access right away when a company is flagged by regulators. This often makes it hard to operate in US dollars.
Chainalysis believes that Huione Group likely lost this access after being named in a FinCEN notice. Still, the company’s data shows that this had little to no effect on how the network operates. In fact, the transaction volume actually increased after the notice.
The report also noted that Huione Group’s crypto exchange has come back online under a new web address.
It still uses the same logo and appears to be active. The exchange and related services continue to post updates across various platforms, including Telegram.
Meanwhile, ThreatFabric’s Mobile Threat Intelligence team recently reported that the Android malware Crocodilus has been targeting banking and cryptocurrency users across multiple regions. How does it work? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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