In a landmark move against illicit crypto activity, Telegram has dismantled what many experts are calling the largest darknet marketplace ever to exist—Haowang Guarantee, previously known as Huione Guarantee. The shutdown marks a significant win in the global fight against crypto-fueled cybercrime.
The dramatic takedown occurred on May 13, when Telegram purged thousands of accounts and channels tied to the marketplace, effectively crippling its operations overnight. Shortly after, Haowang Guarantee announced via its website that it would cease operations, citing the Telegram crackdown as the final blow.
“Since all our NFTs, channels and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will cease operations from now on,” the closure notice read.
This wasn’t just any online bazaar. According to blockchain intelligence firm Elliptic, Haowang Guarantee was deeply entrenched in a staggering $27 billion worth of illicit transactions, primarily executed through the USDT (Tether) stablecoin. Even more jaw-dropping is Elliptic’s broader finding: the Huione Group, linked to the marketplace, is estimated to have moved over $98 billion in crypto.
The platform wasn’t just a place to buy fake IDs or malware. It operated like a full-service cybercrime hub—providing scammers with access to money laundering services, stolen identity databases for pig butchering scams, tools for telecommunications fraud, deepfake tech, and even physical restraint devices reportedly used in scam compounds across Southeast Asia.
Telegram’s swift and broad response was in part due to reports from investigative journalists and researchers. Speaking with WIRED, Telegram spokesperson Remi Vaughn confirmed that communities highlighted in reports by Elliptic and others had been shut down. “Criminal activities like scamming or money laundering are forbidden by Telegram’s terms of service and are always removed whenever discovered,” Vaughn said.
Tom Robinson, co-founder of Elliptic, hailed the closure as a massive victory. “This marketplace was a key enabler of the global scam epidemic,” Robinson said. “This is a game-changer for online criminal markets and a major relief for countless victims around the world.”
The U.S. government had already taken notice of the platform’s scope. Earlier this month, the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury, officially designated the operation as a major money laundering concern. This move would have severed the group’s access to the U.S. banking system even if Telegram hadn’t intervened.
But despite the massive takedown, concerns remain. A newer platform, Xinbi Guarantee, has emerged as another Telegram-based darknet market. Elliptic reports that Xinbi has already processed at least $8.4 billion in crypto transactions, although they caution that this figure likely underestimates the true volume. Alarmingly, the marketplace is tied to a Colorado-based shell company that was listed as delinquent as of January 2025.
This unfolding saga shines a spotlight on a much larger issue—what Elliptic describes as a “China-based underground banking system” leveraging stablecoins for cross-border money laundering on a global scale.
While the fall of Haowang Guarantee is a major victory, the fight is far from over. With new platforms like Xinbi Guarantee waiting in the wings, law enforcement and tech companies face a continuing challenge in the evolving battle against crypto-fueled cybercrime. However, the coordinated response to Haowang’s closure proves that with enough pressure, even the most deeply rooted darknet empires can be toppled.
