One of the world’s largest crypto-fueled black markets, Haowang Guarantee, has been taken offline following a major cleanup effort by Telegram. The platform was responsible for moving over $27 billion in illicit funds, making it the biggest marketplace of its kind ever exposed. Telegram Pulls the Plug After Investigative Pressure The takedown came after investigations by blockchain analytics firm Elliptic and a follow-up report by WIRED, which brought new attention to Haowang’s massive illegal operations. Telegram responded swiftly by blocking thousands of accounts tied to both Haowang and a smaller, related operation called Xinbi Guarantee. A Telegram spokesperson confirmed that communities reported by Elliptic and WIRED were removed for violating the platform’s anti-crime policies. What Was Haowang Guarantee? Originally known as Huione Guarantee, Haowang was a Chinese-language black market deeply involved in crypto crime. It connected fraudsters, scammers, and shady service providers through Telegram groups using a built-in escrow system to “guarantee” transactions. Vendors on the platform offered everything from money laundering using USDT, to deepfake software, stolen personal data, and even hardware for scam operations across Southeast Asia. According to Elliptic’s research, Haowang handled more than $27 billion in crypto inflows, surpassing any known dark web marketplace to date. Could It Return? Despite the shutdown, there are early signs Haowang’s operators may be regrouping. A spike in user activity has been noticed on another platform called Tudou Guarantee, which Elliptic believes is linked to the same network. While Telegram’s crackdown has delivered a serious blow, analysts say it’s unlikely to fully stop these operations—especially given that Huione Group, the company behind Haowang, has deep regional connections, including links to Cambodia’s political elite. U.S. Sanctions Add More Pressure This development also comes just weeks after the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) announced it would sanction Huione Group as a money laundering operation, cutting it off from U.S. financial systems. A Win, But the Fight Isn’t Over Elliptic co-founder Tom Robinson called the shutdown a major victory: “This is a huge win. The largest dark-net marketplace to have ever existed has been shut down. It’s a big blow to the criminal ecosystem that will take a long time to recover from.” Still, Robinson warned that this may only be temporary. “Online crime is a cat-and-mouse game. But these are very large mice.”
