- Telegram shuts down Haowang Guarantee tied to $27B in illegal crypto deals.
- Xinbi Guarantee removed after processing $8.4B in USDT for illicit activities.
- Elliptic links both marketplaces to money laundering and scam operations.
Telegram took down Haowang Guarantee, which served as a major illegal marketplace processing more than $27 billion in crypto transactions. The removal of Haowang Guarantee came after blockchain analytics firm Elliptic and WIRED conducted investigations, which revealed its significant role in cybercriminal activities throughout Southeast Asia.
Telegram Removes Haowang Guarantee Channels
On May 13, 2025, Telegram prohibited many accounts linked to Haowang Guarantee, formerly called Huione Guarantee. The platform mainly functioned in Chinese and acted as a center for several illegal activities, such as money laundering, scam support, and human trafficking. Elliptic’s study discovered that Haowang Guarantee handled transactions amounting to a minimum of $27 billion, establishing it as the largest illegal online marketplace so far.
The marketplace operated via a series of Telegram channels, where sellers provided services to scammers, especially those engaged in “pig butchering” frauds. These frauds usually consist of tricking victims into putting money into fake cryptocurrency projects. Despite attempts to rebrand and distance itself from its parent company, Huione Group, Haowang Guarantee continued to operate until Telegram’s recent crackdown.
Xinbi Guarantee Also Targeted
In addition to Haowang Guarantee, Telegram removed accounts linked to Xinbi Guarantee, another illicit marketplace operating on its platform. Xinbi, reportedly incorporated in Colorado, facilitated approximately $8.4 billion in USDT transactions since 2022.
The platform offered money laundering services while selling stolen data and helping to operate scams. Elliptic’s research revealed Xinbi’s role in enabling cybercrime through its connections with North Korean hacking groups.
The actions of Telegram adhere to its terms of service because they ban scamming and money laundering activities. According to a Telegram spokesperson, the platform has removed communities identified by investigative agencies to demonstrate its dedication to eliminating criminal activities when detected.
Broader Implications for Cybercrime Networks
The shutdown of Haowang and Xinbi Guarantee represents a significant disruption to organized cybercrime networks operating through encrypted messaging platforms. Both marketplaces were integral parts of a larger ecosystem that facilitated various forms of online fraud and exploitation.
Their operations were closely tied to Huione Group, a Cambodian conglomerate with reported links to the country’s ruling family. Despite efforts to obscure these connections, investigations revealed ongoing associations between the marketplaces and Huione Group.
The shutdown of these platforms highlights the difficulties in addressing cybercrime enabled by encrypted messaging tools. Although Telegram’s measures have hindered major channels for illegal activities, specialists warn that comparable operations might arise on different platforms, requiring ongoing vigilance and cooperation among tech companies, law enforcement, and cybersecurity organizations.
