Telegram shuts down "the largest dark web market in history"

Source: Cointelegraph Original text: "Telegram shuts down the largest darknet market in history"

A major Chinese darknet market suspected of assisting in cryptocurrency fraud and cybercrime has been shut down by the Telegram messaging service, which operated on its platform.

The largest illegal marketplace on the internet, Haowang Guarantee (formerly Huione Guarantee), has announced that it will shut down after Telegram banned thousands of related accounts on May 13.

"Since all our NFTs, channels, and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will cease operations from now on," the notice on the marketplace website stated.

According to a report by Wired magazine, this action involved the banning of thousands of accounts and usernames that form the infrastructure of the crypto crime market and its suppliers.

Telegram spokesperson Remi Vaughn stated to the media, "The communities mentioned in reports previously given to us by Wired or released by Elliptic have all been dismantled," and added, "Criminal activities such as fraud or money laundering are prohibited by Telegram's terms of service, and will always be removed once discovered."

According to a report by blockchain security company Elliptic, this Chinese black market facilitated an estimated $27 billion in illegal transactions, primarily using Tether stablecoin (USDT).

Researchers at Elliptic also found that the broader Huione Group facilitated over $98 billion in transactions in the cryptocurrency space.

The market provides services for crypto scammers, including money laundering, stolen personal information used for "pig-butchering" scams, telecommunications infrastructure and equipment, deepfake software and identification cards, and even physical restraint devices used in Southeast Asian scam call center compounds.

Tom Robinson, co-founder of Elliptic, stated that this is a "huge victory" as "the largest dark web marketplace ever has been shut down."

"This is a game changer for the overall online crime market and a huge deal for the victims of online scams. This market is a key driver of the global scam epidemic, and I believe this will really undermine the capabilities of online scammers."

In early May, the platform was designated by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department for money laundering operations and will be cut off from the U.S. banking system.

However, Elliptic also discovered another illegal market based on Telegram called Xinbi Guarantee, where the company found thousands of cryptocurrency addresses used by merchants on that market.

On May 13, the company stated that it has seen $8.4 billion in transactions to date, but this should be regarded as "the lower limit of the platform's real trading volume."

Xinbi is associated with a Colorado company established in 2022, but the company was listed as in default of obligations in January 2025.

Elliptic stated that black markets like this reveal a "Chinese-based underground banking system" that revolves around stablecoins and crypto payments, which is used for "large-scale" money laundering.

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