The largest known illicit cryptocurrency marketplace, Haowang Guarantee (also known as Huione Guarantee), which operated predominantly on Telegram, has been shut down following a major enforcement action by Telegram in response to FinCEN's designation of the parent company Huione Group as a money laundering enterprise linked to North Korean cyber actors.
Haowang facilitated multiple illegal services including money laundering, sale of stolen personal data, scam technology tools, and was involved in over $27 billion in illicit crypto transactions primarily conducted via the Tether (USDT) stablecoin. The broader Huione Group reportedly handled over $98 billion in crypto activity and had launched its own stablecoin, USDH, which played a crucial role in evading sanctions and enabling large transfers difficult to trace by regulators.
Telegram's actions included blocking Haowang's NFTs, groups, and thousands of related channels on May 13, effectively dismantling the network's infrastructure. The crackdown extended to similar platforms such as Xinbi Guarantee, reportedly handling at least $8.4 billion in transactions.
Despite this takedown, blockchain analytics firms Chainalysis and Elliptic caution that underlying enablers of crypto scams remain intact, with vendors and users quickly migrating to alternative platforms. These marketplaces form a China-based underground banking system heavily reliant on stablecoins and crypto transactions for cross-border laundering. Analysts emphasize the limitations of platform takedowns, urging focus on on-chain behavior patterns and increased regulatory oversight.
Law enforcement and analytic firms continue to monitor numerous other Telegram-based marketplaces following similar models. The event highlights the growing role of messaging platforms like Telegram in either enabling or curbing illicit crypto activities as international regulators push for greater accountability.