Telegram Wipes Out $27 Billion Darknet Crypto Market

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Telegram Wipes Out $27 Billion Darknet Crypto Market in Major Takedown

Written by Aaron S.,

Editor-In-Chief

Last Updated: May 15, 2025

Key Takeaways

Haowang Guarantee shut down after Telegram removed thousands of scam-linked accounts on May 13;
The platform enabled $27 billion in crypto-related fraud, mainly through Tether, according to Elliptic;
Haowang Guarantee offered tools for identity theft, money laundering, and call center scams across Southeast Asia.

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Telegram Wipes Out $27 Billion Darknet Crypto Market in Major Takedown

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Haowang Guarantee, formerly Huione Guarantee, has officially shut down after Telegram removed thousands of accounts connected to the platform.

According to Wired's report on May 13, the messaging service blocked its groups, channels, and other content, which prompted the Chinese darknet marketplace to post a closure notice stating it would no longer operate.

Telegram explained that the accounts were linked to fraud and money laundering, activities that violate the app’s terms. A spokesperson said that groups reported in public investigations, including those from Wired and blockchain firm Elliptic, were taken down.

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Haowang Guarantee operated mainly in Chinese and served as a central place for crypto scams and other illegal services. According to Elliptic, it handled about $27 billion in questionable crypto transfers, which mostly used the stablecoin Tether USDT $0.9960 .

The marketplace offered services that supported laundering money, selling stolen identity information, providing deepfake tools and forged IDs, and selling equipment used in scam call centers across Southeast Asia.

Tom Robinson, a co-founder of Elliptic, said:

It’s a game-changer in terms of overall online criminal markets, and it's huge for victims of online fraud.

He added that Haowang Guarantee made it easier for fraud to spread, and its closure may make it harder for scammers to continue their activities.

On May 13, Elliptic linked Xinbi Guarantee, a Telegram-based marketplace operated in Chinese, to over $8 billion in crypto transactions. What did the company say? Read the full story.