Catenaa, Friday, May 16, 2025-The world’s largest illicit online marketplace, Haowang Guarantee, has ceased operations following a crackdown by Telegram, which blocked thousands of related channels, reports said yesterday.
Blockchain analytics firm Elliptic reported the platform processed more than $27 billion in USDT transactions, functioning as a hub for money laundering, personal data sales, and illicit tech services.
Haowang primarily served Southeast Asian cybercriminals, including crypto scammers.
The platform, previously named Huione Guarantee, announced its shutdown after Telegram banned its digital assets and groups on May 13.
The US Treasury’s Financial Crimes Enforcement Network (FinCEN) said Haowang was part of the Cambodian conglomerate Huione Group, which it described as a “money laundering enterprise” that moved at least $4 billion in illegal funds-some tied to North Korean cyber operations.
Haowang’s transactions were often carried out using USDH, a stablecoin issued by Huione, allegedly designed to bypass regulatory sanctions. Telegram also took down Xinbi Guarantee, another illicit service offering money laundering and sex trafficking. The platforms together facilitated more than $35 billion in USDT.
While Elliptic confirmed that the shutdown has disrupted operations significantly, the firm warned that both Haowang and Xinbi may be trying to restore their presence on Telegram. More than 30 similar platforms remain under observation.
Telegram has yet to issue a public statement on the bans.
