In a significant crackdown on illicit online activities, Telegram has shut down Haowang Guarantee, a Chinese-language darknet marketplace that facilitated over $27 billion in illegal transactions. This action follows a series of account bans aimed at dismantling the infrastructure supporting this notorious platform, which was known for enabling various forms of cybercrime, including money laundering and scams.
Closure notice on Haowang Guarantee website: Haowang Guarantee
Key Takeaways
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Haowang Guarantee, previously known as Huione Guarantee, was the largest darknet marketplace ever, processing $27 billion in illicit transactions.
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The shutdown was triggered by Telegram's ban of thousands of associated accounts on May 13, 2025.
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The marketplace provided services to crypto scammers, including money laundering, stolen data, and deepfake software.
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A second marketplace, Xinbi Guarantee, has been identified, with $8.4 billion in transactions, indicating a potential shift of users from Haowang.
Background of Haowang Guarantee
Haowang Guarantee operated primarily on Telegram, serving as a hub for crypto scammers and money launderers. The platform allowed third-party vendors to sell a variety of services, including:
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Money Laundering: Utilizing Tether (USDT) to facilitate transactions.
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Stolen Data: Providing personal information for scams, particularly targeting victims in pig butchering schemes.
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Deepfake Software: Offering tools for creating deceptive media.
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Physical Restraint Devices: Supplying equipment used in scam call centers across Southeast Asia.
The Telegram Crackdown
The shutdown of Haowang Guarantee was prompted by a combination of investigative efforts and regulatory pressure. Key factors include:
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Investigative Findings: Reports from blockchain analytics firm Elliptic highlighted the extensive illicit activities associated with Haowang.
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Telegram's Response: Following inquiries from media outlets, Telegram banned thousands of accounts linked to the marketplace, effectively crippling its operations.
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Regulatory Actions: The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) designated Huione Group, Haowang's parent company, as a money laundering operation, aiming to sever its access to U.S. financial systems.
Implications of the Shutdown
The closure of Haowang Guarantee is seen as a major victory in the fight against online crime. Tom Robinson, co-founder of Elliptic, stated that this event is a game changer for online criminal markets, potentially reducing the capabilities of scammers significantly.
However, the landscape of darknet marketplaces is ever-evolving. Following the shutdown, there are indications that operators may attempt to migrate to other platforms, such as:
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Xinbi Guarantee: Identified as a similar marketplace with $8.4 billion in transactions.
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Tudou Guarantee: Another platform linked to Haowang's operators, which has seen a surge in new users post-shutdown.
Future of Online Crime
While the takedown of Haowang Guarantee represents a significant blow to the crypto-scam ecosystem, experts warn that it may not be the end of such operations. The ongoing cat-and-mouse game between law enforcement and cybercriminals suggests that:
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New Marketplaces Will Emerge: As one platform is shut down, others may rise in its place, potentially on less regulated or decentralized platforms.
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Continued Vigilance Required: The effectiveness of Telegram's crackdown will depend on its commitment to monitoring and dismantling these illicit operations as they evolve.
In conclusion, the shutdown of Haowang Guarantee marks a pivotal moment in the ongoing battle against online crime, but the resilience of the cybercriminal ecosystem suggests that further challenges lie ahead.
Sources
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The Internet’s Biggest-Ever Black Market Just Shut Down Amid a Telegram Purge, WIRED.
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$27B Telegram-based black market for crypto crime Haowang Guarantee shut down, Crypto News.
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"Largest Darknet Marketplace Ever" Telegram Shuts Down $27 Billion Crypto Black Market, CoinCentral.
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Telegram shuts ‘largest darknet marketplace to have ever existed’, Cointelegraph.
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