- Telegram has closed the Haowang Guarantee marketplace, once known as Huione Guarantee, following reports of illicit crypto activity.
- The platform processed over $27 billion in stablecoin transactions since 2021, according to Elliptic blockchain analytics.
- The shutdown comes as part of a larger crackdown on crypto-related crime channels targeting users in China.
- Telegram also removed another marketplace, Xinbi Guarantee, which saw $8.4 billion in stablecoin transactions since 2022.
- Combined, these platforms handled around $35 billion in illegal stablecoin trades, significantly outpacing older dark web markets.
Telegram shut down the Haowang Guarantee marketplace, previously called Huione Guarantee, after new data highlighted massive illicit crypto transactions on the app. The move was made after Elliptic, a blockchain analytics company, provided investigators with recent findings.
Elliptic’s analysis showed that Haowang handled more than $27 billion in stablecoin transactions since its launch in 2021, making it the largest illegal online marketplace uncovered so far. This closure happened alongside the takedown of Xinbi Guarantee, a second major Telegram-based marketplace that processed $8.4 billion in similar transactions since 2022.
In a published post, Elliptic stated, "Our analysis indicates that Huione Guarantee has facilitated transactions totalling more than $27 billion since launching in 2021, making it the largest illicit online marketplace to have ever operated." The combined amount from Haowang and Xinbi reached about $35 billion—a figure much higher than what was moved on historic dark web markets like Silk Road or Alphabay. Silk Road and Alphabay recorded $216 million and $639 million in processed trades, respectively.
Unlike traditional dark web markets on anonymous networks such as Tor, these “guarantee” platforms operated directly through Telegram, an app with over a billion users globally. Guarantee marketplaces act as intermediaries, connecting merchants and buyers while not selling goods or services themselves.
The crackdown on Haowang and Xinbi followed the findings of Elliptic’s investigation into Xinbi Guarantee. Telegram conducted removals as analysts provided new insights on illicit crypto activity on its network. For further details, see Elliptic’s web post on the takedown.
This wave of shutdowns comes amid increased scrutiny of crypto crime channels on messaging platforms, particularly those used by Chinese-speaking communities.
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