TLDR
- Haowang Guarantee, the “largest darknet marketplace ever,” has shut down after Telegram banned thousands of associated accounts
- The Chinese-language marketplace facilitated an estimated $27 billion in illicit transactions, primarily using Tether
- The platform provided services to crypto scammers including money laundering and tools for “pig butchering” scams
- US Treasury’s FinCEN had recently designated it as a money laundering operation
- A similar marketplace called Xinbi Guarantee has been identified, already processing $8.4 billion in transactions
In a major blow to the crypto scamming industry, Telegram has banned thousands of accounts associated with Haowang Guarantee, leading to the shutdown of what researchers describe as “the largest darknet marketplace to have ever existed.”
Haowang Guarantee, formerly known as Huione Guarantee, announced on its website that it would cease operations following Telegram’s action on May 13. “Since all our NFTs, channels and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will cease operations from now on,” the marketplace stated.
The Chinese-language black marketplace had facilitated an estimated $27 billion in illicit transactions, according to blockchain security firm Elliptic. These transactions were predominantly conducted using the Tether stablecoin.
Telegram spokesperson Remi Vaughn confirmed the action, stating that “communities previously reported to us by WIRED or included in reports published by Elliptic have all been taken down.” Vaughn added that “criminal activities like scamming or money laundering are forbidden by Telegram’s terms of service and are always removed whenever discovered.”
The marketplace had become a central hub for crypto scammers, offering services that went far beyond simple money laundering. Vendors on the platform sold stolen personal data used for “pig butchering” scams, telecommunications infrastructure, deepfake software, fake IDs, and even physical restraint devices used in scam call center compounds across Southeast Asia.
The Rise of Alternative Platforms
While the shutdown of Haowang Guarantee marks a major win in the fight against crypto crime, researchers have already identified another similar marketplace growing rapidly.
Xinbi Guarantee, another Telegram-based illicit marketplace, has been processing substantial transaction volumes. Elliptic researchers have tracked $8.4 billion in transactions on this platform so far, though they note this figure should be considered “lower bounds of the true volume.”
Elliptic connected Xinbi to a Colorado-based company that was incorporated in 2022 but listed as delinquent in January 2025. The market appears to be attempting to relaunch on new Telegram channels despite the recent crackdown.
Tom Robinson, co-founder of Elliptic, called the shutdown “a huge win” and “a game-changer in terms of overall online criminal markets.” He believes it will “put a real dent in the ability of online scammers to do what they do.”
The platform had powerful backing from Cambodia-based Huione Group, which has been linked to businesses associated with the Cambodian ruling family. This includes connections to Hun To, cousin of Cambodia’s prime minister, who has been linked in an Al Jazeera investigation to an alleged scam compound.
The US Treasury’s Financial Crimes Enforcement Network (FinCEN) had recently designated Huione Group as a money laundering operation, moving to sever it from the US banking system.
Elliptic described these black marketplaces as part of a “China-based underground banking system” leveraging stablecoins and crypto payments for money laundering on a large scale.
Researchers note that Haowang Guarantee’s owners also own a stake in another similar Telegram-based market called Tudou Guarantee, which has already seen a surge in new users following the shutdown.
The effectiveness of Telegram’s crackdown on these illicit marketplaces will depend on how vigilant the messaging platform remains in preventing them from using its services. If the pressure continues, these operations may be forced to migrate to other messaging services with less oversight.
The Telegram ban came shortly after WIRED inquired about new findings from Elliptic researchers regarding both Haowang and Xinbi Guarantee marketplaces.
The recent action represents a serious setback for the markets that cash out and launder money for the crypto-scam industry, though experts caution that these criminal networks are likely to attempt to rebuild their operations elsewhere.
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