In a significant move against cybercrime, Telegram has shut down Haowang Guarantee, formerly known as Huione Guarantee, following a comprehensive purge of merchant accounts on its platform. The closure, announced on May 13, comes after Telegram banned thousands of accounts associated with the marketplace, effectively dismantling its operational infrastructure.
Haowang Guarantee had facilitated an estimated $27 billion in illicit transactions, primarily using the Tether (USDT) stablecoin. The marketplace offered services including money laundering, stolen personal data for scams, telecommunications infrastructure, deepfake software, and even physical restraint devices used in scam call centers across Southeast Asia. Blockchain security firm Elliptic also reported that the broader Huione Group, associated with Haowang, had facilitated over $98 billion in crypto transactions.
Telegram’s action was prompted by investigative findings from Elliptic and inquiries from media outlets, leading to the removal of communities engaged in criminal activities. A Telegram spokesperson confirmed that all reported communities involved in scamming or money laundering were taken down, in line with the platform’s terms of service.
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) had previously designated Haowang Guarantee as a money laundering operation, aiming to sever its ties with the U.S. banking system. Despite this significant enforcement action, concerns remain about the emergence of similar platforms. Elliptic has identified another Telegram-based illicit marketplace, Xinbi Guarantee, which has reportedly facilitated $8.4 billion in transactions and is linked to a Colorado-based company incorporated in 2022
