Forget what you think you know about crypto crime. It isn’t just about a hacker sitting in a dark room anymore. It’s an industrial-scale business. According to the latest 2026 data from Chainalysis, a specific group of Chinese-language networks (CMLNs) has become the global “janitor” for dirty money. They aren’t just moving coins; they’re running a professional ecosystem that processed over $16 billion last year.
How does the money even get into the system? They use a tactic called “running points” (pǎo fēn). Think of it like a massive relay race. Thousands of small-time “brokers” use their own bank accounts and crypto wallets to move tiny amounts of cash. Because the amounts are so small, they don’t trigger red flags at banks. By the time the money reaches its destination, it’s been split and merged so many times the trail is stone cold.
What is “Black U”? One of the most interesting—and scary—parts of this report is the rise of “Black U.” This is essentially Tether (USDT) that has been “tainted” by crime. These networks sell this “dirty” crypto at a discount to people who don’t care where it came from. It’s a secondary market for stolen assets. These “Black U” services are incredibly fast, often reaching $1 billion in volume just months after launching.
These criminals even have their own versions of eBay or Amazon. Platforms like Huione Guarantee provide “escrow” services. If a launderer doesn’t deliver the clean cash, the platform steps in. They have user reviews, customer service, and “verified” badges. It’s a mirror image of the legitimate tech world, just built for the underworld.
Cops are trying to play whack-a-mole, but these networks are built to last. Chainalysis found that even when a major Telegram channel gets shut down, the 1,800+ active wallets they tracked just migrate to a new name. They are resilient, they are fast, and right now, they are the secret engine of global cybercrime.
