- Telegram shut down Haowang Guarantee on May 13, ending what analysts call the largest crypto-enabled black market, with over US$27B laundered through Asia’s cyber scam ecosystem.
- Haowang, formerly Huione Guarantee, relied entirely on Telegram for operations, while its parent Huione Group is under investigation for processing US$98B in suspected illicit crypto, including funds tied to North Korean cybercrime.
- Despite the takedown, related networks like Xinbi Guarantee and Tudou Guarantee are already emerging,
Telegram has terminated what analysts describe as the most prolific crypto-driven black market in history, taking down Haowang Guarantee, formerly known as Huione Guarantee, and severing a laundering network that moved over US$27B (AU$42B) through Asia’s cyber scam economy.
Telegram confirmed the enforcement action in comments to Wired, saying it had removed multiple networks highlighted by third-party investigations, including those cited in Elliptic’s reporting. The shutdown came Monday, and the Haowang website displayed the following message:
Since all our NFTs, channels and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will cease operations from now on. Thank you for your attention.
Haowang website
A Dark Market Bigger than Silk Road
Haowang’s entire operation ran through Telegram. Vendor accounts, private service groups, bots, and customer channels made up the infrastructure. The messaging app provided both communication rails and payment routing, making it the central tool for coordination and execution.
The operation was backed by Huione Group, a company now under international scrutiny. US Treasury officials allege Huione processed more than US$98B (AU$153B) in crypto over several years, much of it tied to criminal activity. Earlier this year, the group’s mobile app was delisted from Google Play, and Cambodia’s central bank revoked the license of its payments arm, Huione Pay.
According to Treasury officials, Huione Group processed more than US$4B (AU$6.25) in illicit funds between August 2021 and January 2025, including US$37M (AU$57M) linked to North Korean cyberheists and US$300M (AU$468M) from scam campaigns targeting Americans.
The crackdown intensified earlier this year: Google Play delisted the Huione Guarantee app in January, and Cambodia’s central bank revoked the payments license of Huione Pay, the group’s financial arm.
Not Stopping Anytime Soon
Haowang’s takedown hasn’t stopped the system from regenerating. Elliptic’s latest report points to Xinbi Guarantee—another laundering hub on Telegram with over 233,000 users—as the next node in the network. It has already processed at least US$8.4B (AU$13.12B) in suspicious funds.
Some Xinbi vendors openly market services for laundering proceeds from pig butchering scams. Elliptic also traced funds from the US$235M (AU$367M) WazirX hack, linked to North Korea’s Lazarus Group, to wallets associated with Xinbi and Huione.
Tens of thousands of Xinbi wallet addresses tied to its vendors have already been mapped, but Telegram has not yet taken enforcement action against Xinbi, despite its size. Researchers also linked Xinbi to a US-registered firm, Xinbi Co. Ltd, incorporated in Colorado in 2022, but the company is listed as “Delinquent” due to its failure to file required paperwork.
A third brand, Tudou Guarantee, is now gaining traction as a possible fallback operation for Haowang’s operators.
Related: Coinbase First Crypto Firm to Rocket into S&P 500, Sparks 24% One-Day Rally
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