Telegram Pulls Plug on Haowang Guarantee Crypto Crime Syndicate

Telegram has seen the most productive black market with crypto-driven ever online, where a network is erased that has washed more than $ 27 billion in the cybercameconomy of Asia.

On Monday, the message platform forbade thousands of accounts linked to Haowang Guarantee, formerly Huione -Guarantee, so that the illegal market was closed almost immediately.

“Telegrame was blocked all our NFT, channels and group … Haowang Graratee will now stop the operation,” read one rack Posted on the Haowang website.

Blockchain analysis company Elliptic, which has followed the platform since mid-2023, reported that suppliers who were active via Haowang, washed USDT, stolen data, fake IDs and tools that are used to abuse employees who are in violation of Southeast Asia.

Telegram confirmed the removal of communities that were referred to in Elliptic’s findings and repeated the policy that banned money laundering and scammer, according to a Waded report.

“This is a huge victory,” said Elliptic co-founder Tom Robinson, who called the removal of the removal a big blow to the infrastructure behind industrialized cyber fraud.

A telegram spokesperson confirmed enforcement Wadedsaying that the company had removed several networks that were emphasized in investigations from third parties, including those quoted by Elliptic and stated in the coverage of the press.

In a report in January, elliptic named Huione “the largest online illegal market that ever had operated”, Dwerg Silk Road and Alphabay in scale and financial volume.

The move also follows a enforcement action by the American Treasury Department, which previously suggested to designate Huione Group, the parent company of Haowang, as a ‘primary money laundering’.

Between August 2021 and January 2025, Treasury officials claim that Huione Group has processed more than $ 4 billion in dirty money, including $ 37 million tied to North Korean Cyberheists and $ 300 million from pig separation and investment cams on American civilians.

In January, Google Play the mobile app from Huione Guarantee and the Central Bank of Cambodia withdrew the license of its low -payment, Huione Pay.

Haowang spin-offs fill the void

The collapse of Haowang has not prevented the system from mutating.

Elliptic Final report Show that Xinbi warranty, another telegram -based marketplace with 233,000 users, remains active after processing at least $ 8.4 billion in questionable funds.

Some suppliers of Xinbi explicitly advertise the money laundering of “pig separation”-scorching and chat-based fraud aimed at Westerners.

Elliptic also followed funds from the Wazirx Hack of $ 235 million, attributed to the Lazarus group in Noord -Korea, directly linked to Xinbi and Huione.

The company says the operators of Haowang May turn now For a third black market brand, Tudou guarantees, who already sees an increase in users.