Telegram has taken decisive action against one of the largest crypto-based black markets ever recorded, following an extensive investigation that revealed the platform’s role in enabling illegal transactions worth billions.
The Fall of Haowang Guarantee
Haowang Guarantee, a Chinese-language marketplace infamous for facilitating money laundering and crypto scams, was abruptly shut down this week. The platform, which previously operated under the name Huione Guarantee, used Telegram to run an escrow-based system for illicit services.
The crackdown began after an inquiry by WIRED into findings by blockchain analytics firm Elliptic. Elliptic’s investigation revealed that Haowang Guarantee had enabled at least $27 billion in illicit transactions since July 2024.
On Monday, May 12, Telegram banned thousands of accounts linked to Haowang Guarantee. By Wednesday, May 14, the marketplace officially ceased operations. A poorly worded statement from the group read:
“Telegrame were blocked all of our NFT, Channels and group on May 13th 2025, Haowang Grarantee will cease operation from now.”
Elliptic’s Groundbreaking Investigation
Elliptic played a pivotal role in uncovering Haowang’s vast operations. The firm began tracking scam-related activities on the marketplace in mid-2024. By early 2025, the platform had facilitated over $24 billion in illegal transactions—a figure that grew to $27 billion before its closure.
Elliptic also identified a similar operation, Xinbi Guarantee, which had processed $8.4 billion in illicit transactions since 2022. These included severe crimes such as harassment-for-hire and sex trafficking.
Telegram’s Swift Response
Following the revelations, Telegram acted quickly, banning thousands of accounts tied to Haowang Guarantee and other similar marketplaces. This decisive action marked a major victory in the battle against crypto-enabled crime.
Tom Robinson, co-founder of Elliptic, hailed the shutdown as a breakthrough:
“The largest darknet marketplace ever has been shut down. It’s a game-changer for online criminal networks and a major victory for victims of online fraud.”
Despite the success, Robinson warned that the fight is far from over. Haowang’s administrators have hinted at restarting operations through other platforms, including Tudou Guarantee, which has already seen a surge in activity.
Deeper Implications and Challenges Ahead
The closure of Haowang Guarantee highlights the growing role of messaging platforms in facilitating illicit financial networks. Telegram, widely recognised for its privacy-focused features, has become a double-edged sword—offering users security while attracting criminal enterprises.
Complicating matters further, Haowang’s parent company, Huione Group, is reportedly tied to influential figures within Cambodia’s political elite. This raises concerns about the extent to which such networks are embedded within legitimate financial systems.
A Pivotal Moment in Crypto Regulation
Telegram’s crackdown is a significant step forward in combating crypto-related crimes, but it also underscores the urgent need for stricter regulations and robust monitoring systems. As criminals evolve their methods, platforms like Telegram must remain vigilant, ensuring their tools are not misused for illegal activities.
For now, the dismantling of Haowang Guarantee is a clear message to online criminal networks: no platform is beyond the reach of accountability.
