A massive crackdown has brought down one of the biggest crypto-fueled black markets on the internet — just as the U.S. pushes forward with stablecoin regulation that could reshape the digital finance landscape.
Telegram Bans $27B Crypto Crime Hub, Haowang Guarantee
Telegram has shut down Haowang Guarantee, a Chinese-language black market that processed over $27 billion in illegal transactions, according to blockchain analytics firm Elliptic. Known for facilitating scams and money laundering through Tether (USDT), the network operated an escrow-based system to serve crypto criminals — selling stolen data, deepfake tools, and even equipment used in scam compounds across Southeast Asia.
The takedown followed an investigation by WIRED and new intelligence from Elliptic, which also flagged a smaller operation called Xinbi. Telegram responded swiftly, banning thousands of accounts and removing Haowang’s NFT groups, channels, and escrow services.
“This is a major blow to online crypto crime,” said Tom Robinson, co-founder of Elliptic. “Haowang was the largest of its kind — it will take years for criminals to recover from this.”
However, experts warn that this may not be the end. Telegram activity suggests Haowang’s network could be shifting to a new platform called Tudou Guarantee. Meanwhile, ties between Haowang’s parent company — the Huione Group — and powerful political elites in Cambodia raise further concerns that the operation may re-emerge elsewhere.
David Sacks: Stablecoin Law Could Unlock Trillions for U.S. Treasury
While regulators crack down on crypto crime, the White House is pushing forward with regulation of a different kind — one aimed at boosting the U.S. economy.
David Sacks, President Trump’s top advisor on crypto and AI, says that upcoming stablecoin legislation could unlock trillions of dollars in demand for U.S. Treasuries. Speaking with CNBC, Sacks argued that the GENIUS Act — which just passed a key vote in the Senate — could bring stability, clarity, and massive institutional investment to the crypto space.
“We already have $200 billion in stablecoins, but it’s unregulated,” said Sacks. “If we create a proper legal framework, we could see trillions flood into Treasuries — almost overnight.”
The GENIUS Act received bipartisan support, with 15 Democrats joining Republicans to push it past the filibuster threshold. However, critics warn the bill lacks safeguards against potential conflicts of interest — especially with Trump and his family deeply involved in the crypto industry.
Trump-backed World Liberty Financial recently launched its own stablecoin, USD1, backed by U.S. Treasuries and cash reserves. That stablecoin received a $2 billion investment commitment from Abu Dhabi’s MGX fund — the largest crypto deal of its kind to date.
Despite ethics concerns, Sacks insists that the bill is key to securing U.S. dominance in digital payments.
“Stablecoins are the future of how money moves online,” he said. “They’re faster, cheaper, and help reinforce the strength of the U.S. dollar in a digital world.”
Still, final passage of the bill may face hurdles. Senator Josh Hawley has added a controversial rider capping credit card late fees — a move that could spark pushback from banking lobbyists and delay the bill’s approval.
