Telegram has just pulled the plug on Haowang Guarantee – the biggest Chinese darknet marketplace the internet has ever seen – after banning thousands of accounts linked to it. The marketplace, formerly known as Huione Guarantee, was tied to billions in illicit crypto transactions and a sprawling scam operation.
In a message posted on its site, Haowang confirmed it’s shutting down:
“Since all our NFTs, channels, and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will cease operations from now on.”
Crypto Crime Crackdown Hits Telegram
Telegram’s move followed reports by Wired and blockchain analytics firm Elliptic, which flagged thousands of accounts tied to crypto fraud, pig butchering scams, and money laundering.
Telegram spokesperson Remi Vaughn confirmed the bans, noting that “criminal activities like scamming or money laundering are forbidden by Telegram’s terms and are always removed whenever discovered.”
$27 Billion in USDT Transactions Linked to Haowang
According to Elliptic, Haowang Guarantee enabled over $27 billion in illicit transactions, primarily using the USDT stablecoin. The broader Huione Group of companies was linked to over $98 billion in crypto transfers, much of it flowing through Telegram groups and bot-driven marketplaces.
Haowang reportedly offered services ranging from stolen ID data and fake documents to deepfake tools and telecom gear used in call center scams across Southeast Asia. It even sold physical restraint devices used in scam compounds.
“Biggest Darknet Bust Ever” Says Elliptic
Tom Robinson, co-founder of Elliptic, called it a major breakthrough in the fight against crypto fraud:
“This is a huge win. The largest darknet marketplace to have ever existed has been shut down. It’s a game-changer in the world of online scams and money laundering.”
U.S. Treasury Steps In
Earlier this month, the Financial Crimes Enforcement Network (FinCEN) labeled Haowang as a money laundering operation, effectively cutting it off from the U.S. financial system. The move added pressure on platforms enabling illegal crypto flows.
But a New Player Is Rising: Xinbi Guarantee
While Haowang is down, another crypto crime hub is gaining momentum. Xinbi Guarantee, also operating through Telegram, has been identified by Elliptic as the next big threat. The firm linked the marketplace to thousands of crypto wallet addresses used for shady transactions.
Xinbi is believed to have processed at least $8.4 billion in crypto, likely just the tip of the iceberg. It was also tied to a now-delinquent company incorporated in Colorado in 2022.
China’s Underground Crypto Economy
According to Elliptic, both marketplaces are part of a larger China-based underground banking network powered by stablecoins like USDT. These platforms are fueling mass-scale money laundering operations using encrypted apps and blockchain transactions.
Why It Matters to Crypto Users
This isn’t just a cybercrime story, it’s a reminder of how closely crypto infrastructure, messaging apps like Telegram, and stablecoins are intertwined. For the crypto community, it highlights both the power of decentralized finance—and the importance of keeping it clean.
