In a significant crackdown, Telegram banned numerous accounts linked to black markets, including Haowang Guarantee and Xinbi.
Haowang Guarantee, a $27 billion black marketplace, has been shut down by Telegram in a significant effort to combat crypto crime. Haowang Guarantee, the “world’s largest-ever illicit online marketplace,” disclosed Twitter’s decision in an announcement published on Tuesday. The platform announced that Haowang Guarantee will cease operations immediately due to Telegram blocking all its NFTs, channels, and groups on May 13, 2025.
Haowang Guarantee was undoubtedly a substantial black market that operated on Telegram and served Southeast Asian clients, with a particular emphasis on illicit online actors and crypto scammers. The platform facilitated the sale of various products and services by third-party vendors.
Haowang Guarantees Telegram’s Blockage of Darknet Marketplace
According to reports, Telegram implemented a significant crackdown on Haowang Guarantee by purging many accounts associated with the illegal market.
Significantly, this course of action may be associated with the research findings of the blockchain analytics firm Elliptic. The investigation into the marketplace was initiated in July 2024 when Elliptic disclosed the illicit activities orchestrated by Haowang Guarantee. The dark marketplace “sells goods and services to fraudsters in South East Asia, including those responsible for so-called “pig butchering” scams,” according to the analyst. Elliptic referred to the platform as the largest darknet marketplace in history, stating that it is the largest illicit online marketplace ever operated, with transactions accumulating at least $27 billion (all in Tether’s USDT stablecoin).
On Tuesday, the analyst published a blog post that provided additional information regarding the dark marketplaces linked to messaging platforms. The post emphasized several comparable lesser marketplaces, such as Xinbi. The Australian authorities have blocked over 90 platforms purportedly associated with pig-butchering schemes and hacks in a related development.
Thousands of accounts associated with Haowang Guarantee and Xinbi were suspended by Telegram in response to Elliptic’s findings. According to a spokesperson,
Communities previously reported to us by WIRED or included in reports published by Elliptic have all been taken down. Criminal activities like scamming or money laundering are forbidden by Telegram’s terms of service and are always removed whenever discovered.
Xinbi Guarantee
Xinbi, a darknet marketplace on Telegram, is comparable to Haowang and has approximately 233,000 users. The principal payment method on both platforms is Tether’s USDT.
According to reports, Xinbi Guarantee has processed $8.4 billion in USDT transactions since 2022, with a substantial increase in activity, reaching $1 billion in inflows in Q4 2024. The platform’s primary function is to facilitate money laundering services, which comprise the majority of transactions, as well as other illicit activities. Germany has recently terminated eXch, a platform associated with the $1.4 billion Bybit breach.