$27B Crypto Crime Market Haowang Guarantee Shut Down
Telegram has shut down Haowang Guarantee, a massive black market that processed over $27B in illicit crypto transactions. The takedown followed reports from Elliptic and a media investigation revealing its role in laundering funds, selling stolen data, and deepfake tools.
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Haowang operated via Telegram using an escrow model to “guarantee” shady deals. Telegram banned thousands of related accounts, stating such criminal activity violates its terms.
Once known as Huione Guarantee, the group had deep ties in Southeast Asia and links to Cambodian political elites. Despite the shutdown, Haowang’s admins may be shifting operations to a new platform, Tudou Guarantee, which is already seeing user spikes.
The U.S. Treasury also recently designated Huione Group as a money laundering network. While the takedown is a major blow to crypto crime, experts warn the threat could re-emerge elsewhere.
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