365Crypto
Telegram Wipes Out Giant Crypto Crime Network
Telegram has shut down a massive Chinese darknet market that moved billions in crypto. The platform, called Haowang Guarantee (formerly Huione Guarantee), is going offline after Telegram banned thousands of its accounts on May 13.
A notice on its website confirmed the shutdown, saying the marketplace can no longer operate without its Telegram infrastructure.
$27 Billion in Dirty Money, Mostly USDT
According to blockchain firm Elliptic, Haowang handled around $27 billion in shady crypto deals—mostly using Tether (USDT). The bigger group behind it, Huione, moved nearly $98 billion overall.
Services Straight Out of a Hacker Movie
This wasn’t just a black market. It sold fake IDs, laundered cash, and even shipped gear used in scam call centers—like deepfake software and physical restraint tools. That’s not just sketchy—it’s full-blown Hollywood-villain territory.
Telegram Cracks Down
Telegram’s rep said all groups tied to this scam were removed. Telegram bans illegal stuff like scams and money laundering whenever it finds them.
Feds Get Involved
In May, the U.S. Treasury’s FinCEN flagged Haowang as a money-laundering operation. It was set to be cut off from U.S. banks.
Another Dark Market Rises
Elliptic says another Telegram market, Xinbi Guarantee, is still going. It’s done at least $8.4 billion in crypto deals. That number might be even higher.
Crypto and the Underground Banking Problem
These black markets show the rise of a secretive banking network in China using stablecoins like USDT. It’s crypto’s seedy underworld—and regulators are catching on.
Footnotes:
USDT (Tether): A stablecoin meant to hold a constant value, usually $1.
FinCEN: U.S. agency tracking financial crimes like money laundering.
Darknet: Part of the internet not indexed by search engines, often used for illegal activity.
