Haowang Guarantee, dubbed the “world’s largest-ever illicit online marketplace,” has announced its closure this week, citing widespread disruptions by Telegram. The platform, a hub for the sale of illicit goods and services, ceased operations after Telegram blocked its channels and groups.
“Since all our NFTs, channels and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will cease operations from now on,” the platform stated in an announcement published Tuesday.
Blockchain analytics firm Elliptic confirmed in an updated report Tuesday that Telegram closed thousands of channels linked to Haowang following Elliptic’s earlier research exposing the criminal enterprise.
Haowang Guarantee operated primarily through Telegram, serving as a marketplace where third-party vendors offered technology, personal data, and money laundering services. According to Elliptic, it functioned as a one-stop shop for illicit actors, particularly in Southeast Asia, including cryptocurrency scammers.
Elliptic’s research indicated that Haowang had processed over $27 billion worth of USDT transactions, making it the largest illegal online marketplace in history. The platform’s illicit transactions were further facilitated by USDH, a U.S. dollar stablecoin issued by “partner and shareholder” Huione Group, which allegedly allowed for evasion of traditional regulatory sanctions.
Authorities have consistently viewed Haowang as an integral part of the Cambodian financial conglomerate Huione Group, despite the marketplace’s rebranding from its original name, Huione Guarantee.
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) had previously sought to block Huione Group from accessing the U.S. financial system, asserting that Huione operated a “money laundering enterprise” through its network of businesses, including Haowang, payments platform Huione Pay, and exchange Huione Crypto. FinCEN alleges that Huione Group laundered at least $4 billion in illegal proceeds, with a portion originating from North Korean cyber heists.
In addition to its actions against Haowang, Telegram also shut down accounts linked to Xinbi Guarantee, another platform accused of brokering money laundering and other illegal services, such as intimidation-as-a-service and sex trafficking. Elliptic noted that these actions “severely disrupted” the two largest Telegram-based marketplaces, which collectively processed over $35 billion in USDT transactions. The analytics firm stated it continues to track more than 30 similar platforms.
However, Wired, which first reported Haowang’s closure, cited Elliptic co-founder Tom Robinson, suggesting that Haowang and Xinbi are making apparent efforts to revive their Telegram presence.