The crypto exchange HTX, formerly known as Huobi Global, has found itself at the center of a new investigation into fund transfers related to sanctions evasion and suspicious financial operations. According to analysts at Global Ledger, more than $21 billion in so-called ‘risky’ assets have passed through the platform over the past five years.
Special attention has been drawn to connections with Russian capital flows. Of the total volume, about $7.6 billion is linked by analysts to sanctions evasion infrastructure, which continued to operate even after restrictions from the US, UK, and EU.
UK Sanctions Put HTX in the Spotlight
In May, UK authorities included HTX in a list of companies and services suspected of facilitating money laundering operations and sanctions evasion. The restrictions also affected a number of crypto platforms, intermediaries, and individuals associated with Russian financial schemes.
After the sanctions were introduced, UK companies and citizens were banned from interacting with the specified entities. Banks and payment services were also barred from cooperating with these platforms.
This was a serious blow to HTX’s reputation. The exchange remains one of the largest centralized platforms on the market and processes more than $1 billion in daily trading volume.
Transfers From Garantex and Darknet Markets Passed Through HTX
According to Global Ledger, HTX was used as an intermediary node for the movement of BTC, ETH, and USDT, especially within the TRON ecosystem. The TRON network remains one of the most popular for fast stablecoin transfers due to low fees and high USDT liquidity.
The investigation mentions several well-known high-risk platforms:
- Garantex — about $6.16 billion
- Grinex — approximately $840 million
- A7A5 — about $360 million
- Hydra darknet — around $160 million
- Kraken darknet — about $70 million
- Mega darknet — approximately $50 million
Additionally, HTX interacted with the infrastructure of Huione Group, Iran’s Nobitex, and other services that had previously been mentioned in investigations into shadow crypto transfers.
Russian Sanctions Evasion Scheme Still Operating
The story around HTX shows that the cryptocurrency infrastructure for sanctions evasion has not disappeared even after massive pressure from Western regulators.
One of the key elements of this system remained the Garantex exchange. According to analysts, in 2024 alone, more than $14.5 billion in ETH, USDT, and USDC passed through it. Despite sanctions and restrictions, the platform continued to operate through a network of intermediaries and external services.
Grinex also remained active until April 2026, when it froze operations after a hack. Before that, assets worth about $9.25 billion had passed through the platform even under international restrictions.
Analysts note that such platforms are gradually losing access to major centralized exchanges and banking infrastructure. However, it has not yet been possible to completely stop their operations.
Why TRON Is Again at the Center of the Investigation
Most of the operations were carried out through USDT on the TRON network. This is not the first time TRON has become the main channel for cross-border transfers in gray schemes.
The reason is simple: the network provides fast and cheap transfers, and USDT liquidity there remains among the largest in the industry. For users trying to bypass banking restrictions, this makes TRON a convenient settlement tool.
Against this backdrop, regulatory attention to Justin Sun’s infrastructure continues to intensify. HTX, closely linked to the TRON ecosystem, has effectively found itself in the same risk zone.
The Market Is Calm So Far
Despite the big numbers, the market reacted to the investigation relatively calmly. HTX continues to operate, and there has not yet been a significant outflow of liquidity.
Some analysts explain this by saying that such investigations have become almost routine for the crypto market. Investors are already used to news about sanctions, suspicious transfers, and shadow capital flows.
But the pressure on centralized exchanges is increasing, especially on those that actively work with TRON, USDT, and jurisdictions with weaker regulation.
What’s Next?
The story with HTX shows that the largest crypto platforms remain an important part of the global financial infrastructure, including its shadow segment.
For regulators, this is another reason to step up control over centralized exchanges and stablecoins. For the market, it is a reminder that even years after sanctions were imposed, major evasion schemes continue to operate through cryptocurrencies.
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