Telegram Bans Haowang Guarantee Amid $27 Billion Scam Allegations

Highlights:

• Telegram has banned Haowang Guarantee and removed all related crypto scam groups and NFTs.
• The marketplace enabled fake trades and processed billions in transactions using stablecoins.
• Xinbi Guarantee is under the radar as it is suspected of facilitating criminal activities.

Telegram has removed all groups and shops linked to the peer-to-peer market Haowang Guarantee. The market was formerly known as Huione Guarantee. Telegram banned thousands of accounts associated with the market. A Telegram spokesperson confirmed the takedown after Wired and Elliptic linked the marketplace to crypto fraud. Haowang Guarantee declared it is closing its doors after it was taken down by Telegram. Moreover, it stated that the loss of access to Telegram was a reason to close shop.

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@Telegram shuts down largest darknet marketplace.

Telegram has shut down the largest Chinese darknet marketplace, Haowang Guarantee, which laundered $27 billion in cryptocurrency.

The platform, operating through the messenger, offered various illegal services — from fake… pic.twitter.com/uoHHsXkBkT

— TU Airdrop Daily (@daily_tu69577) May 15, 2025

Haowang Guarantee used NFTs to target store owners that scammers could use to create fake storefronts, which they presented as real services. The platform enabled illegal trades camouflaged as P2P money transfers. In addition, the groups developed an environment where criminals could openly advertise their services without being detected.

Telegram has also started deleting similar dark market stores after it banned Haowang Guarantee. Despite the attempts, some groups may come back with new names. The recent move by Telegram may have disrupted the old scams. However, the danger still remains with other websites.

Crypto Crime Network Linked to Billions in Transactions

According to Wired, Haowang Guarantee allowed users to launder money by forging transactions with stablecoins such as USDT. Elliptic has noted that Haowang Guarantee transacted suspicious trades that amount to more than $97 billion. The marketplace used many illegal tools such as fake websites and deepfake ID software to conceal the activities. It also supplied physical equipment for scam call centers. This move associated it with online fraud in all of Southeast Asia.

The scammers replicated real crypto platforms using website templates and looted wallets from real crypto platforms. The market became the main hub for criminal tools. It supported the activities of cybercriminals who run their activities without being detected. These services were out in the open on Telegram for several years. The openness enabled the networks to continue their activities without disruption.

The Financial Crimes Enforcement Network of the United States also acted in early May and banned the market from using banking services in the country. Investigators reported that the group used P2P transfer and violated the KYC rules. In particular, the move made it impossible to trace the movement of funds. As a result of this, Haowang Guarantee had become one of the large users of USDT in the laundering world. The structure ensured that the process went almost undetected by normal financial checks.

Xinbi Guarantee Emerges as Next Platform of Concern After Telegram Banned Haowang

After the closure of Haowang, another venue has emerged in Telegram. Xinbi Guarantee has attracted the attention of the Elliptic researchers. The researchers have found out that it handled transactions worth over $8 billion. Xinbi is associated with an organization in Colorado.

Elliptic believes that Xinbi is one of the underground banking systems based in China. Xinbi employs the use of stablecoins and P2P payments to move money without being detected. Meanwhile, these systems sustain global laundering activity and are hard to break.

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