Crypto Crime Market Shutdown
For years, a massive, Chinese-language black market thrived on Telegram, facilitating tens of billions of dollars in illicit financial activity. This marketplace, initially known as Huione Guarantee and later rebranded as Haowang Guarantee, operated with alarming efficiency, providing critical services to crypto scammers across East Asia.
A Multi-Billion Dollar Operation
The platform offered a wide range of services, including money laundering primarily through Tether, the sale of victim data, telecommunications infrastructure, and even equipment used to control workers in scam compounds across Southeast Asia. Investigations revealed over $27 billion in transactions processed through this single platform, making it the largest known black market in internet history.
Telegram's Crackdown
Following research by the crypto-tracing firm Elliptic highlighting the scale of the operation, Telegram took decisive action, banning thousands of accounts associated with Haowang Guarantee and a similar platform, Xinbi Guarantee. This swift response led to the immediate closure of Haowang Guarantee, a significant blow to the global crypto-scam ecosystem.
A Game of Cat and Mouse
While this represents a major setback, the operators of these marketplaces, including those with alleged ties to influential Cambodian figures, are likely to attempt a resurgence. Xinbi Guarantee is already reportedly attempting a relaunch, and the potential migration to other platforms, including decentralized ones, remains a significant concern. The future effectiveness of these crackdowns depends heavily on the ongoing commitment of platforms like Telegram to actively combat such criminal enterprises.
Source: Wired