Telegram Shuts Down $27B Crypto Black Market Following Investigation

• Telegram has banned thousands of accounts tied to Haowang Guarantee, which is understood to be the largest online black market in history.
• Elliptic, a crypto-tracking firm, found that the crypto-powered black market had facilitated at least $27 billion in illegal transactions.
• Despite the shutdown, affiliated platforms are seeing increased activity, putting pressure on Telegram to stay on top of its platform.

Telegram has successfully shut down one of the largest crypto black markets in history, following an investigation that exposed extensive illegal activity on its platform.

Telegram Takes Black Market Offline

Haowang Guarantee, a Chinese-language marketplace facilitating money laundering and scam-related services, abruptly ceased operations this week after Telegram launched a wide-reaching crackdown.

The platform, previously known as Huione Guarantee, had openly operated on Telegram, enabling third-party vendors to offer illicit services using crypto-based escrow systems.

The shutdown came after WIRED inquired with the messaging platform about an investigation run by blockchain analytics firm Elliptic, which revealed that the marketplace had enabled at least $27 billion in illicit transactions.

On Monday, May 12, Telegram banned thousands of accounts tied to the Haowang Guarantee operation.

These accounts acted as vendors selling services such as crypto fraud, money laundering, and more. Following these bans, Haowang Guarantee officially ceased operations on Wednesday, May 14.

In a poorly written statement on its website, the group announced:

“Telegrame were blocked all of our NFT, Channels and group on May 13th 2025, Haowang Grarantee will cease operation from now.”

Elliptic’s Investigation

According to WIRED, Elliptic had tracked significant scam-related activity on Haowang Guarantee since July 2024.

By January 2025, Elliptic reported that over $24 billion had flowed through the marketplace, making it the largest known online black market to date. That figure has since grown to $27 billion.

Elliptic also uncovered another illicit marketplace on Telegram: Xinbi Guarantee.

Like Haowang, Xinbi operated using third-party vendors and had facilitated $8.4 billion in transactions since 2022. These transactions reportedly included services as severe as sex trafficking and harassment-for-hire.

Following WIRED’s inquiries into both markets, Telegram swiftly issued sweeping bans across its platform.

“This is a huge win,” said Elliptic co-founder Tom Robinson.

“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,” he added.

All Eyes on Telegram

Robinson warned that the future of these operations hinges on how aggressively Telegram continues to act.

Despite Haowang’s closure, Xinbi Guarantee has already attempted to reestablish itself on alternative Telegram channels.

Haowang Guarantee’s owners are also thought to own a piece of a similar black market named Tudou Guarantee.

In a Telegram post, one of Haowang’s administrators suggested they may restart operations through Tudou, according to WIRED.

According to Robinson, Tudou has already experienced a significant surge in new users.

Adding to the complexity, Haowang’s parent company, Huione Group, is reportedly linked to influential figures within Cambodia’s ruling elite.

This has raised concerns about how deeply embedded these operations are within legitimate financial networks.