World’s Biggest Black Crypto market Closed By Telegram With More Than $35Bn In USDT Transactions
Haowang Guarantee, a clandestine marketplace referred to as the “largest illicit online marketplace in history,” has declared it will halt all activities.
The protocol announced on May 13, “Following the blocking of all our NFTs, channels, and groups by Telegram on May 13, 2025, Haowang Guarantee will stop operations effective immediately.”
Elliptic’s investigations prompt the closure of the two largest online criminal markets ever
On May 13, 2025, @telegram took significant measures to shut down Huione Guarantee and Xinbi Guarantee — two extensive illegal markets functioning on its platform — following… pic.twitter.com/PJ4OMD4iZ9
— Elliptic (@elliptic) May 15, 2025
Numerous Telegram Channels and Accounts Tied to Haowang Guarantee Shut Down Recently
Esteemed distributed record analytics firm Elliptic released a report coinciding with Haowang’s announcement of its shutdown, revealing that Telegram had closed thousands of channels associated with the black crypto market entity, following its prior investigations into the marketplace.
Before its closure, Haowang Guarantee functioned as a Telegram-based marketplace where various vendors offered technology services, personal information, and money laundering assistance. It was primarily utilized in Southeast Asia and gained immense popularity among digital currency fraudsters and other dubious online participants, according to the Elliptic report.
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Elliptic indicated that the marketplace had facilitated transactions exceeding $35 billion in USDT, rendering it the largest illegal online marketplace in documented history.
The illicit activities within the marketplace were also conducted using USDH. USDH is a US dollar-pegged stablecoin issued by “partner and shareholder” Huione Group. This stablecoin is said to assist users in evading sanctions enforced by traditional regulatory bodies.
Despite rebranding from its initial name, Huione Guarantee, Elliptic asserts that authorities regarded the marketplace as a segment of the Cambodian financial conglomerate Huione Group.
Haowang Guarantee — a $27B+ Telegram-based criminal organization — has shut down after Telegram prohibited thousands of its channels.
It managed everything: information theft, laundering, scams. pic.twitter.com/W4VLufgTzj
— CryptoPotato Official (@Crypto_Potato) May 15, 2025
Smaller Platform Xinbi Also Shut Down Due To Telegram Account Closures: Haowang Considering A Comeback
The US Treasury Department’s Financial Crimes Enforcement Protocol (FinCEN) has initiated steps to prevent the Huione Group from accessing the financial system, asserting that Huione ran a “money laundering operation” through its platform of enterprises, which includes Haowang, the payment services network Huione Pay, and web3 exchange Huione Crypto.
FinCEN’s research uncovered that Huione Group laundered approximately $4 billion in illegal proceeds, some of which originated from North Korean cryptocurrency thefts such as the ByBit hack earlier this year.
Additionally, Telegram also terminated accounts linked to Xinbi Guarantee. Xinbi operated in a manner similar to Haowang, facilitating illegal services such as intimidation-for-hire and human trafficking.
Elliptic noted that this “significantly disrupted” the two largest Telegram-based marketplaces, which together had managed over $35 billion worth of USDT transactions. The analytics firm reported that it continues to monitor more than 30 platforms akin to Haowang.
Speculation is rife that Haowang is planning to relaunch the marketplace under a new identity and potentially through a different messaging network than Telegram.
As of now, Telegram has not released an official statement on its social media regarding the account closures that led to the cessation of operations for Haowang and Xinbi.
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Telegram has closed thousands of accounts linked to Haowang Guarantee, an illegal online marketplace
- Haowang processed an estimated $35 billion in transactions while peddling stolen data and illegal goods
- The smaller black trading market entity, Xinbi, was also caught in the fallout and has discontinued operations
- Haowang is rumored to be planning a comeback under a different name
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