#Telegram Shuts Down $27B Chinese #Darknet Marketplace


Haowang Guarantee, the "largest darknet marketplace to have ever existed," has ceased operations following a massive Telegram purge of thousands of associated accounts.


The Chinese-language marketplace facilitated an estimated $27 billion in illicit transactions, predominantly using $USDT, according to #blockchain security firm Elliptic.


Services included money laundering, stolen personal data for pig butchering scams, telecommunications infrastructure, #deepfake software, and physical restraint devices used in scam centers.


#Elliptic co-founder Tom Robinson called the shutdown "a game-changer" that "will put a real dent in the ability of online scammers."


However, another Telegram-based illicit marketplace called Xinbi Guarantee has been identified, with researchers tracking $8.4 billion in transactions thus far.

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May 15, 2025 at 11:09 AM
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