Telegram Silently Dismantles $27B Darknet Giant Haowang Guarantee
- Telegram has shut down Haowang Guarantee, the largest known darknet marketplace operating on its platform.
- The platform was formerly Huione Guarantee, responsible for billions in illicit crypto transactions.
- Telegram banned thousands of accounts linked to the marketplace on May 13, forcing its permanent closure.
Telegram has closed down the huge darknet marketplace Haowang Guarantee after prohibiting thousands of connected accounts and channels. This May 13 clampdown took down all infrastructure associated with it, rendering its crypto-powered criminal activities dysfunctional. Telegrams enforcement action forced the platform, which used to be called Huione Guarantee, to close down officially.
For a long time, the marketplace functioned through Telegram and provided services for online fraud, cybercrimes, and large-scale cryptocurrency laundering. Telegram purged associated groups and vendor channels following reports to raise the alarm on the platforms illegal activity and high volume of transactions. Therefore, the marketplace had lost its operational functionality and informed the user community about its permanent closure.
Blockchain company Elliptic found over $27 billion worth of contraband crypto-transactions connected to Haowang Guarantee, the majority processed through the stablecoin Tether. Telegram moved on after obtaining a data report in Wired and Elliptic describing the platforms function in fraud ecosystems. Authorities had earlier stamped the platform as a money laundering outfit before it was shut down.
Telegram Takedown Ends Major Crypto Marketplace
Elliptic uncovered that Haowang Guarantee was a power behind scams, identity theft, and phony crypto services throughout Southeast Asia and the world. It supported infrastructure for pig butchering scams, deepfake tools, and scam call centers equipment. Telegram was this firms major communications channel, payments, and vendor management.
Huione Group owned the marketplace, processing more than $98 billion in crypto exchange over several years. Telegram channels associated with the group were vendor accounts, customer service bots, and private groups. These services facilitate activities prohibited by Telegrams terms of service.
Thousands of accounts on Telegram were blocked, which compromised the operational backbone of Haowang Guarantee and hurt hundreds of affiliated vendors. The marketplace was unable to operate without access to its channels and users. This enforcement greatly diminished what was one of the biggest cybercrime havens in the world.
Xinbi Guarantee Grows as Telegram Stalls
Although the Haowang Guarantee has been shut down, the Xinbi Guarantee has emerged as a flourishing darknet market that functions on the Telegram base. Elliptic says that Xinbi has supported $8.4 billion worth of crypto transactions, predominantly through stablecoins. The most important channel for its illegal services is Telegram.
Researchers tied Xinbi to a U.S. company called Delinquent in January 2025. Telegram has not taken away Xinbi-related accounts yet, but analysts predict more account scrutiny after Haowangs takedown. Tens of thousands of crypto addresses connected to Xinbi vendors have already been found.
The increasing use of Xinbi indicates sustained use of Telegram for crypto-supported black markets for cross-border financial crime. Elliptic cautioned that such platforms arise to create a China-based stablecoin money laundering network. Telegram continues to be under pressure to find and shut down these operations independently.
Read more: https://www.tronweekly.com/telegram-silently-dismantles-27b-darknet/
Text source: TronWeekly
