Telegram Shuts Down Chinese Darknet Marketplace Haowang Guarantee
CAPITAL – May 23, 2024 – Telegram shut down Haowang Guarantee, a major Chinese darknet marketplace, after banning thousands of accounts linked to the platform.The takedown of the marketplace,which facilitated crypto fraud and other cybercrimes,occurred in May of 2025. According to blockchain security firm Elliptic, the Chinese black market involving Haowang Guarantee, facilitated $27 billion in illegal transactions, primarily utilizing the stablecoin tether (USDT).The shutdown is seen as a notable win in the fight against online fraud, thus, experts share reactions and implications of the shutdown.
Telegram Shuts Down Major Chinese Darknet Marketplace Haowang Guarantee
The platform, suspected of facilitating crypto fraud and cybercrime, was removed after thousands of accounts where banned.
The Shutdown
Telegram has deactivated Haowang Guarantee, a notable chinese Darknet marketplace suspected of enabling widespread crypto fraud and cybercrime.The takedown occurred after Telegram banned thousands of accounts associated with the platform on May 13,2025. Haowang Guarantee, formerly known as Huione Guarantee, confirmed the ban on its website.
The marketplace acknowledged the disruption, stating, As all of our NFTS, channels and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will now hire the company.
Telegram’s Response
Telegram’s actions followed reports highlighting the marketplace’s infrastructure for crypto-related crimes. Remi Vaughn, a Telegram spokesman, addressed the issue, stating:
Communities, which were previously reported by WIRED or contained in the reports published by Elliptic, were all removed before… criminal activities such as fraud or money laundering are prohibited by Telegram and are always removed when they are discovered.
Remi Vaughn, telegram Spokesman
Scale of Illegal Transactions
According to blockchain security firm Elliptic, the Chinese black market facilitated an estimated $27 billion in illegal transactions, primarily using the stablecoin tether (USDT).
Did you know?
Stablecoins like tether (USDT) are cryptocurrencies designed to maintain a stable value relative to a traditional asset,such as the U.S. dollar. This makes them popular for transactions on cryptocurrency exchanges and in illicit activities due to their ease of use and relative stability compared to more volatile cryptocurrencies.
Elliptic’s research also revealed that the Huione group processed over $98 billion in crypto transactions.
types of Illegal Activities
The marketplace offered a range of illicit services and goods, including:
- Money laundering services
- Stolen personal data used for “pork network fraud” (pig butchering scams)
- Telecommunications infrastructure and equipment for illicit activities
- Deepfake software
- Physical bondage devices used in fraud call centers throughout Southeast asia
Reactions and Implications
Tom Robinson, co-founder of Elliptic, hailed the shutdown as a significant victory:
This is a great victory that the largest Darknet marketplace that existed was ever existed… This is a great step forward regarding the criminal online markets as a whole and for the victims of online fraud. This market has only enabled the global fraud epidemic,and I think that this will give online fraudsters a real damper so that they can do their deeds.
Tom Robinson,Co-founder of Elliptic
Pro Tip
Staying vigilant and reporting suspicious activity can help disrupt these criminal networks.If you encounter potential fraud or illegal marketplaces online, report them to the appropriate authorities and platforms.
Earlier in May, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) classified the platform as a money laundering concern, seeking to isolate it from the U.S. banking system.
The Rise of Xinbi Guarantee
Despite the shutdown of Haowang Guarantee, Elliptic has identified another illegal marketplace operating on Telegram called Xinbi Guarantee. This platform also facilitates illicit crypto transactions.
As of May 13, Xinbi Guarantee had recorded $8.4 billion in transactions, a figure Elliptic believes is a lower limit of the actual transaction volume on the platform.
xinbi Guarantee was linked to a Colorado-based company, founded in 2022 but declared insolvent in January 2025.
Underground Banking System
These black marketplaces highlight the existence of an underground banking system based in china
that relies on stablecoins and crypto payments for money laundering, according to Elliptic.
