In a landmark blow to global crypto crime, Telegram has dismantled Haowang Guarantee, a black market accused of laundering $27 billion. The platform, which enabled scams, deepfake fraud, and money laundering, vanished overnight after a crackdown linked to investigative reports and U.S. sanctions. Here’s how the world’s largest darknet marketplace collapsed and why the fight is far from over.
$27B Crypto Crime Empire
Haowang Guarantee operated like Amazon for criminals. Through Telegram groups, vendors sold everything from Tether money laundering services to deepfake tools and equipment for Southeast Asian scam compounds. Launched in 2021, the Chinese-language platform ballooned to 970,000 users, processing $27 billion, five times more than Hydra, once the darknet’s top market. Its parent company, Huione Group, had ties to Cambodian political elites, including Prime Minister Hun Manet’s family. This network shielded operations, enabling vendors to thrive using Telegram’s encrypted channels. Furthermore, an escrow system “guaranteed” illicit deals, fostering trust among cybercriminals.
How Investigators Pulled the Plug on the Network
The downfall began when blockchain analytics firm Elliptic uncovered Haowang’s staggering $24 billion transaction volume in January 2025. By May, that figure hit $27 billion. After WIRED alerted Telegram, the platform banned thousands of Haowang-linked accounts, channels, and NFTs overnight. “Communities reported by WIRED or Elliptic have been removed,” said Telegram spokesperson Remi Vaughn. Simultaneously, the U.S. Treasury blacklisted Huione Group, aiming to sever its access to American banks. The one-two punch left Haowang’s operators scrambling.
Telegram’s Swift Strike
On May 13, 2025, Haowang’s website posted a terse notice: “All our NFTs, channels, and groups were blocked.” Telegram’s purge also hit Xinbi Guarantee, a smaller $8.4 billion market flagged by Elliptic. Critics argue Telegram historically turned a blind eye to crime. However, the swift takedown signals a policy shift. “Scamming and money laundering violate our terms,” Vaughn emphasised. Still, gaps remain Tether, the stablecoin fuelling these markets, has frozen fewer illicit funds than regulators demand.
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Relaunch Efforts and the Rise of “Tudou Guarantee”
Within hours of Haowang’s shutdown, users flocked to Tudou Guarantee a similar platform tied to Haowang’s administrators. Telegram activity spiked in Tudou’s channels, suggesting criminals are adapting fast. Elliptic cofounder Tom Robinson warns, “This is a cat-and-mouse game.” Xinbi Guarantee also attempts a comeback, testing Telegram’s vigilance. Furthermore, Haowang promoted its own “censorship-resistant” stablecoin, USDH, which could let criminals evade future crackdowns.
Global Repercussions
Haowang’s tentacles reached shockingly far. The UN links it to Asian organised crime, sex trafficking, and even North Korea’s Lazarus hacking group, which funnelled $150,000 through Huione Pay. Cambodia’s political ties complicate justice. Huione Group’s resources and influence could revive operations on decentralised platforms, beyond regulators’ reach. Meanwhile Southeast Asian scam compounds equipped with Haowang-sourced restraints and tech continue exploiting victims.
What’s Next in the Fight Against Shadow Markets?
While Elliptic calls Haowang’s takedown a “game changer,” nearly 30 copycat markets still plague Telegram. Experts urge tighter stablecoin controls and global law enforcement cooperation. “This isn’t the end,” Robinson admits. “These are very large mice.” Without consistent pressure, Tudou or Xinbi could fill Haowang’s void. For now, the shutdown proves even the darkest corners of crypto crime aren’t untouchable but the battle requires relentless vigilance. The Haowang Guarantee crackdown marks a rare victory against crypto’s underworld. Yet with $98 billion in Huione Group transactions still unaccounted for, the message is clear: one takedown won’t erase the problem. As criminals pivot, so must the world’s defences.
Written By Fazal Ul Vahab C H
