tl;dr
Telegram has shut down Haowang Guarantee, a major crypto-fueled black market on its platform that laundered over $27 billion, especially across Asia's cyber scam economy. Thousands of related accounts were banned, forcing the marketplace to cease operations. Haowang sold laundered USDT, stolen data,...
Telegram has shut down Haowang Guarantee, the largest crypto-fueled black market, disrupting a $27 billion laundering network across Asia. Thousands of related accounts were banned, forcing the marketplace to cease operations immediately.
Blockchain analytics firm Elliptic, which tracked Haowang since mid-2023, led the takedown of Haowang and two other major illicit marketplaces on Telegram: Huione Guarantee and Xinbi Guarantee. These platforms facilitated laundering of laundered USDT, stolen data, fake IDs, and tools used in scams.
The U.S. Treasury Department designated Huione Group, Haowang’s parent company, as a primary money laundering concern. Officials allege Huione processed over $4 billion in dirty money, including funds linked to North Korean cyberheists and scams targeting U.S. citizens.
Despite the closure of Haowang, related platforms like Xinbi Guarantee, which has 233,000 users and has processed at least $8.4 billion in questionable funds, remain active. Moreover, a third brand, Tudou Guarantee, is gaining users, suggesting the persistence and evolution of crypto-fueled laundering networks.
Google Play has delisted Haowang’s app, and Cambodia revoked the payment license of Huione Pay, Haowang’s payments arm, adding to the international pressure. Telegram confirmed removing multiple criminal networks identified in third-party investigations, reaffirming its ban on laundering and scam-related activities.
Overall, the crackdown represents a significant blow to industrialized cyber fraud infrastructure operating on messaging platforms, disrupting the largest known online illicit marketplace, but the ongoing activity in spin-off markets signals continuing challenges in fighting crypto-based money laundering.