.png){kind=logo}
Telegram has shut down the Haowang Guarantee darknet marketplace, a site that facilitated more than $27 billion in illegal cryptocurrency transactions. This decision followed a thorough analysis by the blockchain analytics firm Elliptic, which revealed the extensive illicit activities occurring on the platform. Frequently referred to as the largest online black market, Haowang Guarantee primarily served Southeast Asian customers and allowed sellers to provide scams and money laundering services.
On May 13, 2025, Telegram blocked all channels, groups, and NFTs associated with Haowang Guarantee, leading to the platform’s swift closure. The company stated that all operations had come to an end. Elliptic noted that Haowang Guarantee relied significantly on Tether’s USDT stablecoin to carry out these illegal transactions. The crackdown also resulted in banning thousands of accounts connected to the marketplace and its vendors.
Elliptic, a company that tracks cryptocurrency activity, started investigating Haowang Guarantee’s business in July 2024. Their analysis showed that the marketplace handled around $27 billion worth of USDT transactions. Many of these scams used methods like fraud and a trick known as “pig butchering,” which targeted people in Southeast Asia. By early 2025, Elliptic had tracked more than $24 billion using its platform, which kept growing over time.
The same research highlighted other darknet operations, such as Xinbi Guarantee, which processed $8.4 billion in USDT since 2022. Xinbi, with more than 233,000 users, saw inflows reach $1 billion in Q4 2024. It specialized in money laundering and related illegal activities. Telegram banned thousands of accounts tied to Haowang Guarantee and Xinbi after reports by WIRED and Elliptic.
A Telegram spokesperson stated, “Communities previously reported to us by WIRED or included in reports published by Elliptic have all been taken down. Telegram’s terms of service forbid criminal activities like scamming or money laundering and are always removed whenever discovered.”
Despite Haowang Guarantee’s closure, affiliated dark marketplaces remain active. Xinbi Guarantee continues to operate on new Telegram channels and is attracting increased user activity. Elliptic co-founder Tom Robinson described the shutdown as a “game-changer” for combating online fraud. However, he emphasized the need for ongoing enforcement.
Haowang’s administrators have expressed plans to relaunch using alternate names like Tudou Guarantee, which is already attracting new users. Authorities globally, including those in Germany and Australia, have initiated actions against associated crypto crime platforms. The parent company of Haowang Guarantee, Huione Group, is reportedly linked to high-ranking Cambodian officials, raising alarm about the extent of the network’s influence.
