Haowang Guarantee, known as the "world's largest online black market", announced that it would cease operations. With Telegram's recent move to block all channels and groups of Haowang Baozhang, this cybercrime tool that has dominated Southeast Asia and involved in a huge underground economy has finally come to an end.
Haowang Guarantee issued an announcement on its official website on Tuesday, stating: "Since all our NFTs, channels and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will immediately cease all operations."
According to an updated report released by blockchain analysis company Elliptic on the same day, Telegram closed thousands of channels related to Haowang Guarantee in one go. The reason was the in-depth investigation revealed by Elliptic a few days ago, which directly led to the collapse of Haowang Guarantee.
One-stop underground black market
According to Elliptic's investigation, Haowang Guarantee has created a "one-stop crime platform" on Telegram, gathering many third-party merchants to sell technology tools, personal information and money laundering services. Its main service targets are cryptocurrency fraud groups and illegal Internet operators in Southeast Asia.
Elliptic said that Haowang Guarantee mainly conducts transactions through USDT (Tether), with a cumulative total amount of more than US$27 billion, making it the largest illegal online market in history.
What is even more striking is that these illegal transactions also involved another US dollar stablecoin USDH, which was issued by Huione Group, a Cambodian financial group and “partner and shareholder” of Haowang Guarantee. Elliptic points out that USDH may have the characteristics to circumvent traditional regulatory sanctions.
Haowang Guarantee was originally named "Huiwang Guarantee" and has close ties with Cambodian consortiums
The predecessor of Haowang Guarantee was "Huione Guarantee", which has deep roots with Huiwang Group. Even if it changes its name, it is difficult to get rid of its background controversy.
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) recently proposed to ban Huiwang Group from entering the U.S. financial system, pointing out that the group operates a "huge cross-border money laundering system" through its subsidiaries.
FinCEN pointed out that Huione Group, which includes Haowang Guarantee, payment platform Huione Pay and cryptocurrency exchange Huione Crypto, has laundered at least $4 billion in total, with some of the funds traceable to illegal gains from North Korean hacker groups.
Telegram also simultaneously blocks “new currency guarantee”
This time, Telegram not only targeted Haowang Guarantee, but also blocked another notorious black market "Xinbi Guarantee", which is suspected of providing money laundering intermediary services, and even intimidation, extortion, human trafficking and other services.
Elliptic said that the blocking operation hit two major black markets in the Telegram ecosystem hard, and the total amount of funds processed by the two markets through USDT exceeded US$35 billion. However, Elliptic also pointed out that it is still tracking more than 30 underground platforms similar to Haowang Guarantee.
But the storm is not over yet. According to content first reported by Wired, the two platforms appear to be trying to rebuild Telegram communities.
"All channels and groups are blocked by Telegram! The world's largest online black market "Haowang Guarantee" announced its closure" This article was first published on (Block Guest).