Massive Telegram Darknet Marketplace Shut Down, Halting Billions in Crypto Crime
A significant event has unfolded in the fight against online illicit activity, directly impacting the world of cryptocurrencies and digital security. Telegram has taken action against what is being called the largest darknet marketplace ever to exist, disrupting operations that facilitated billions in crypto crime.
What Was This Darknet Marketplace and Why Does it Matter?
The marketplace in question, known as Haowang Guarantee (formerly Huione Guarantee), operated primarily on the Telegram messaging platform. It served as a massive hub for illicit transactions, connecting vendors with buyers seeking illegal services and goods. According to analysis, this particular darknet marketplace was deeply embedded in facilitating various forms of cybercrime and financial fraud, making its shutdown a critical development.
Blockchain security firm Elliptic played a key role in highlighting the scale of operations. Their analysis indicates that Haowang Guarantee alone facilitated an estimated $27 billion in illicit transactions, predominantly using the Tether stablecoin (USDT). Looking at the broader Huione Group of companies, the total facilitated crypto transactions reached over $98 billion. This sheer volume underscores the marketplace’s importance in the underground economy and its connection to widespread crypto crime.
How Did Telegram Shut Down Haowang Guarantee?
The shutdown was a direct result of action taken by the Telegram messaging service. On May 13, 2025, Telegram conducted a mass purge, banning thousands of accounts, channels, and groups associated with the marketplace and its vendors. This action effectively dismantled the digital infrastructure upon which Haowang Guarantee relied to operate and connect its users.
A notice posted on the marketplace’s website confirmed the shutdown, stating: “Since all our NFTs, channels and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will cease operations from now on.” Telegram confirmed the action, stating that communities reported for criminal activities, including scamming and money laundering, are removed whenever discovered, aligning with their terms of service.
What Services Did the Marketplace Provide?
Haowang Guarantee offered a wide array of services catering to cybercriminals and scammers. These included:
- Money laundering services
- Sales of stolen personal data used in ‘pig butchering’ scams
- Telecommunications infrastructure and equipment for fraudulent calls
- Deepfake software and counterfeit IDs
- Physical restraint devices reportedly used in scam call center compounds in Southeast Asia
This comprehensive suite of tools and services highlights the marketplace’s central role in enabling various forms of online fraud and exploitation.
What Does This Shutdown Mean for Crypto Crime?
The closure of Haowang Guarantee is considered a significant victory in the ongoing battle against illicit online activity. Tom Robinson, co-founder of Elliptic, described it as a “huge win” and a “game-changer” for online criminal markets. He noted its crucial role in enabling the global scam epidemic and anticipates that its shutdown will hinder the capabilities of online scammers.
Adding to the pressure, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) had previously designated the platform as a money laundering operation in early May, intending to sever its access to the US banking system. The combined efforts of platform enforcement and financial regulators contributed to this outcome.
Are There New Challenges Emerging?
While Haowang Guarantee is gone, the landscape of online illicit markets continues to evolve. Elliptic has already identified another Telegram-based platform, Xinbi Guarantee, which appears to be gaining traction. Researchers have identified thousands of crypto addresses linked to merchants on Xinbi, tracking billions in transactions.
Elliptic’s analysis indicates that Xinbi Guarantee has already seen at least $8.4 billion in transactions, which is likely a conservative estimate. This new platform is linked to a Colorado-based company, highlighting the complex and often layered nature of these operations.
The emergence of Xinbi underscores a broader trend identified by the Elliptic report: the presence of a sophisticated “China-based underground banking system” leveraging stablecoins and crypto payments for large-scale money laundering. This highlights the ongoing challenge of monitoring and disrupting these networks as they adapt and move to new platforms.
Summary
The shutdown of Haowang Guarantee by Telegram marks a major disruption to the online criminal ecosystem, specifically targeting a massive darknet marketplace responsible for facilitating billions in transactions linked to scams and cybercrime. This action, supported by insights from firms like Elliptic and regulatory pressure from bodies like FinCEN, represents a significant blow against large-scale digital illicit activity.
However, the rapid identification of platforms like Xinbi Guarantee demonstrates the persistent nature of crypto crime networks. The fight to secure the digital space and prevent the misuse of cryptocurrencies for illegal purposes remains a dynamic and ongoing challenge, requiring continuous vigilance and coordinated efforts from platforms, researchers, and law enforcement.
