- Telegram shuts down $27 billion Haowang Guarantee black market.
- Action impacts global illicit crypto activities.
- Significant setback for crypto crime networks.
In a significant move against crypto-related crime, Telegram has shut down the $27 billion Haowang Guarantee black market, affecting numerous operators since May 13, 2025.
This crackdown by Telegram targets the large-scale Haowang Guarantee, emphasizing the continuing battle against illegal crypto operations and highlighting Telegram’s enforcement actions.
Haowang Guarantee, formerly Huione, has been taken offline by Telegram after being linked to $27 billion in illegal crypto transactions. Associated accounts were banned, significantly disrupting the black market operations.
The shutdown involved major players like the Huione Group and Elliptic. Huione reportedly had political ties, while Elliptic aided in tracking the market’s illicit activities using blockchain analysis.
Immediate market effects include disruptions among illicit operators and a potential shift of activities to Tudou Guarantee, indicating persistent risks and adaptability within these networks despite the crackdown.
Financially, this impacts the $98 billion Huione Group operations. Politically, it underscores the challenges in controlling crypto fraud globally, with messaging platforms under pressure to monitor activities. As Tom Robinson, Co-founder of Elliptic, stated:
“This is a huge win. The largest dark-net marketplace to have ever existed has been shut down. It’s a big blow to the criminal ecosystem that will take a long time to recover from.”
Regulation may tighten following this event. Further action by governments is expected to complement this significant step taken by Telegram.
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