Huione Group

2021-08-01

FinCEN later establishes that Huione Group began laundering at least $4 billion in illicit proceeds starting around this period, based on on-chain analysis covering August 2021 through January 2025.

2024-07-01

Tether Ltd freezes Huione Pay's USDT accounts following exposure of the group's illicit marketplace activities.

2024-07-10

Elliptic publishes research identifying Huione Guarantee as a multi-billion dollar Telegram-based marketplace for online fraudsters, linking wallets to at least $11 billion in scam-related transactions. CoinDesk and other outlets report the findings.

2024-09-01

Huione Group launches the USDH stablecoin, explicitly marketed as 'unfreezable' and outside traditional regulatory oversight, in response to the Tether freeze.

2024-09-25

Cambodia's National Bank (NBC) revokes Huione Pay PLC's payment services operating license, citing compliance violations.

2025-05-01

FinCEN issues a Notice of Proposed Rulemaking under Section 311 of the USA PATRIOT Act, designating Huione Group as a foreign financial institution of primary money laundering concern. Elliptic simultaneously publishes updated research estimating the group's total crypto inflows at $98 billion.

2025-05-13

Telegram removes channels associated with Haowang Guarantee (formerly Huione Guarantee) and Xinbi Guarantee following Elliptic's disclosures. The two platforms had collectively processed an estimated $35 billion in transactions.

2025-05-25

Huione Group acquires a new Telegram identifier and resumes operations under modified branding, continuing to use the 'hw' initials and HaoWang bot name. Transaction volume reportedly increases post-shutdown.

2025-10-15

FinCEN issues a final rule severing Huione Group from the U.S. financial system, prohibiting U.S. financial institutions from maintaining correspondent accounts with the group. The U.S. and UK simultaneously announce their largest ever joint action against Southeast Asian cybercriminal networks, with the UK sanctioning Prince Holding Group.

2025-12-02

Reports emerge that Huione's remaining banking operations have been hit by a bank run, with depositors queuing outside locked branches and withdrawals frozen. The entity later rebrands as H-Pay.

2026-01-07

Prince Group chairman Chen Zhi is arrested in Cambodia and extradited to China to face charges of transnational crimes, fraud, and operation of scam compounds. He had been separately indicted by a U.S. court.

2026-04-01

Li Xiong, alleged operational leader of Huione Group's money laundering network, is extradited from Cambodia to China on charges of large-scale fraud, money laundering, and concealment of criminal proceeds.