On May 13, Telegram officially banned thousands of accounts related to Haowang Guarantee (formerly Huione Guarantee) – one of the largest crypto black markets ever existing on this platform. This move forced the entire cybercriminal ecosystem using Haowang to cease operations immediately, after having helped launder over $27 billion over the years.



Haowang black market – the 'underground giant' in the crypto world

According to reports from blockchain analysis firm Elliptic:




#Haowang was a place for trading stolen personal data, fake documents, money laundering USDT, and especially tools supporting large-scale scams.




Part of the operations target coerced labor in scam camps in Southeast Asia.




Elliptic states: Haowang far exceeds both Silk Road and AlphaBay in terms of financial scale and level of organization.



Collaboration between Telegram and the U.S. government

This is not just an internal effort by Telegram. Previously:




The U.S. Treasury has proposed listing #HuioneGroup (the parent company of Haowang) as a 'top money laundering threat',




With allegations of handling over $4 billion in dirty money from August 2021 to early 2025, including:




$37 million from hacks carried out by North Korea's Lazarus group,




And $300 million from investment scams and 'pig butchering' targeting Americans.






In addition:




Google Play has removed the Huione Guarantee app,




The National Bank of Cambodia has revoked the license of Huione Pay – the payment unit of this corporation.





A new network emerging in replacement: #Xinbi and #TudouGuarantee

Although Haowang has collapsed, the system behind it continues to 'evolve'.


Elliptic warns:




Xinbi Guarantee, a similar marketplace on Telegram with over 233,000 users, is still operational and has processed at least $8.4 billion.




Many accounts on Xinbi openly launder money from 'pig butchering' scams, deceiving victims through conversations and fake investments.




Notably, Elliptic has traced the flow of money from the $235 million hack on WazirX (carried out by the Lazarus hacker group) to wallets linked to Xinbi and Huione.




Another platform, Tudou Guarantee, is also growing rapidly and could become a new 'variant' replacing Haowang.



Contact with the crypto market:

The case highlights the complexity of controlling illegal activities in the crypto world, especially when criminals can easily shift between platforms and rename themselves to evade the law.


Despite Telegram's strong actions, the continued growth of platforms like Xinbi and Tudou presents significant challenges for monitoring, tracing the flow of money, and preventing money laundering with stablecoins or USDT – especially when these activities are linked to national hacker groups like Lazarus.



🔔 Risk warning: Cybercrime is becoming increasingly sophisticated in exploiting crypto for illegal purposes. Investors need to be alert and cautious of investment invitations through messages, chat groups, or applications. Always check the source of the platform and avoid sharing personal data or transacting with unidentified organizations. Crypto has potential, but it also carries many risks for inexperienced users.