Invezz 2025-05-15 09:58:01

Telegram takes down $27B crypto-laundering darknet site Haowang Guarantee

A crackdown by messaging platform Telegram has led to the shutdown of Haowang Guarantee, a major Chinese-language darknet marketplace linked to over $27 billion in illicit crypto transactions. Haowang Guarantee, which previously operated as Huione Guarantee, will shut down all operations according to a notice posted on its official website. (Translated) Shutdown announcement on the Haowang Guarantee website. The announcement followed Telegram’s removal of thousands of associated channels, groups, and NFTs on May 13, cutting off the platform’s ability to function, a recent report by The Wire noted. Telegram’s mass purge came in response to earlier reports from Wired and blockchain analytics firm Elliptic, which flagged the marketplace’s involvement in large-scale crypto fraud, cybercrime, and money laundering. Telegram spokesperson Remi Vaughn confirmed that the company had removed communities highlighted in prior investigations and reiterated that such activities violate its terms of service. “Criminal activities like scamming or money laundering are forbidden by Telegram’s terms of service and are always removed whenever discovered,” Vaughn told the media outlet. The largest darknet marketplace Described by Elliptic as the largest darknet marketplace to ever exist, Haowang Guarantee served as a hub for vendors offering services to online fraud networks. These included laundering services, stolen identity data, tools for pig butchering scams, deepfake technology, and even physical restraints reportedly used in Southeast Asian scam compounds. The group is reportedly linked to Cambodia’s political elite. According to past investigative reports, one of its directors, Hun To, is a cousin of Prime Minister Hun Manet. Those reports have also associated Hun To with allegations of heroin trafficking and money laundering, although no formal charges have been filed. Elliptic estimates Haowang Guarantee facilitated $27 billion in illicit activity, mostly in Tether (USDT), providing services like money laundering, stolen personal data, and telecom equipment for scam call centres. Elliptic co-founder Tom Robinson called the shutdown a “huge win,” stating it would significantly disrupt global online scam operations. “This marketplace was a key enabler of the global scam epidemic,” he said, adding that its removal marks a major blow to fraud networks. As previously reported by Invezz, the move comes on the heels of a May proposal by FinCEN to disconnect Huione Group, the marketplace’s parent company, from the U.S. financial system. FinCEN estimates the group moved at least $4 billion in illicit funds between August 2021 and January 2025. Meanwhile, Elliptic’s analysis places total related crypto flows across Huoine-affiliated wallets at over $98 billion. New alternatives emerge in China Haowang’s takedown may be a blow to cybercriminals, but the ecosystem is far from dismantled. Elliptic has identified Xinbi Guarantee as a rising successor, already mirroring many of the same services. So far, Xinbi-linked addresses have handled $8.4 billion in crypto. Analysts say this likely understates the true scale of the platform’s activity, as the figure only reflects identified wallets and known merchant transactions. The post Telegram takes down $27B crypto-laundering darknet site Haowang Guarantee appeared first on Invezz

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