US EditionTelegram bans $35B black markets used to sell stolen data, launder crypto
- Telegram shut down two large Chinese-language black markets, Haowang Guarantee and Xinbi Guarantee, in May 2025 on its platform.
- These actions followed blockchain analytics firm Elliptic's report revealing the markets facilitated over $35 billion in illicit stablecoin transactions since 2021.
- Both platforms functioned as trusted intermediaries where external vendors offered illicit information, methods for disguising the origins of funds, and various tools associated with scams primarily targeting cryptocurrency users in East Asia.
- Tom Robinson, co-founder of Elliptic, described the shutdown as a major development for the landscape of internet crime and emphasized its significant positive impact on those affected by online fraud.
- The closures disrupt major online scam operations and coincide with the U.S. Treasury banning the Huione Group for supporting criminal syndicates and money laundering.
24 Articles
24 Articles
2 massive black market services blocked by Telegram, messaging app says
WASHINGTON :Two sprawling digital black markets operating on the communications platform Telegram have been removed, the service said on Thursday.Xinbi Guarantee and Huione Guarantee - Chinese-language markets known for serving cybercriminals and scammers - appeared to be inactive on Thursday.Telegram
The Internet’s Biggest-Ever Black Market Just Shut Down Amid a Telegram Purge
Following a WIRED inquiry, Telegram banned thousands of accounts used for crypto-scam money laundering, including those of Haowang Guarantee, a black market that enabled over $27 billion in transactions.
Telegram Blocks Two Major Black Markets
Telegram has blocked two major black markets—Xinbi Guarantee and Huione Guarantee—from operating on it platform, shutting down a significant source of criminal activity. Xinbi Guarantee and Huione Guarantee are two markets that are popular options for cybercriminals and scammers, according to Reuters. As of Thursday, both appeared to be inactive. The move is a significant blow to online criminal activities, with research firm Elliptic estimating…
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