#CryptoRegulation A major Chinese darknet marketplace suspected of facilitating crypto scams and cybercrime has been shut down by the Telegram messaging service, upon which it operated.

The internet’s largest illicit marketplace, Haowang Guarantee, formerly Huione Guarantee, said it will shut down following Telegram’s ban of thousands of associated accounts on May 13. 

“Since all our NFTs, channels and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will cease operations from now on,” read the notice on the marketplace website.

A report from Wired said that this involved banning thousands of accounts and usernames that served as the infrastructure for the crypto crime marketplace and its vendors.

Telegram spokesperson Remi Vaughn told the outlet, “communities previously reported to us by WIRED or included in reports published by Elliptic have all been taken down,” before adding that “criminal activities like scamming or money laundering are forbidden by Telegram’s terms of service and are always removed whenever discovered.” 

The marketplace provided services to crypto scammers, including money laundering, stolen personal data used for pig butchering scams, telecommunications infrastructure and equipment, deepfake software and IDs, and even physical restraint devices used in scam call center compounds across Southeast Asia.