Largest Chinese-language Crypto Scam Marketplace Shuts Down
Criminal Haven Crumbles: Telegram's Disruption of a $27B Illicit Cryptocurrency Marketplace
In a significant blow to the world of online illicit activities, the Chinese-language marketplace Haowang Guarantee - claimed to be the internet's largest black market - has closed shop. This shutdown follows a massive sweep of accounts by Telegram, leaving users scrambling for alternatives.
The marketplace, initially known as Huione Guarantee, had a staggering transaction volume of over $27 billion, making it the most significant known single black market ever seen online [1][3][4]. Haowang Guarantee provided a platform for crypto scammers, acting as a third-party vendor, offering various services using deposit and escrow systems.
Primary services included money laundering via the Tether cryptocurrency, but the platform also offered other essential tools for crypto scam operations, such as target victim data, telecommunications infrastructure, deepfake software, and even physical control devices like GPS-enabled collars and electric batons. These devices were used to monitor workers in scam compounds that have been prominent across Southeast Asia, including Myanmar, Cambodia, and the Philippines [3][4].
News of the shutdown came after Hacked reports by WIRED and research by crypto-tracing firm Elliptic drew attention to the marketplace's activities [1]. Telegram confirmed that they had taken action against communities linked to Haowang Guarantee and other illicit activities, as these actions are forbidden by their terms of service [1].
The US Treasury's Financial Crimes Enforcement Network may have played a role in the timing of the ban. Earlier this month, they added Huione Group, the parent company of Haowang Guarantee, to a list of known money laundering operations, restricting their access to US financial institutions [4].
The fall of Haowang Guarantee doesn't mark the end of the crypto-scam industry, however. Overseas platforms with less oversight may become the new sanctuaries for operators, or they could move to decentralized platforms where bans are harder to enforce [4].
Another marketplace, Xinbi Guarantee, also faced similar action. Telegram acted against accounts related to Xinbi as part of the crackdown, based on findings from Elliptic [4]. While Haowang Guarantee officially ceased operations on May 14, 2025, Xinbi appears to be attempting a comeback on new Telegram channels. Moreover, there's evidence that Haowang's owners hold stakes in a similar marketplace called Tudou Guarantee, which has seen a surge in new users [1][4].
The Cambodia connection adds another layer of intrigue. Huione Group, the parent company behind these marketplaces, is allegedly linked to businesses associated with Cambodia's ruling family, raising concerns about the extent of the operations [1][4].
All in all, the downfall of Haowang Guarantee is a definitive win in the battle against crypto fraud and money laundering. However, the fight against online illicit activities is far from over.
Cryptocurrency users might want to consider diversifying their investment portfolio beyond Haowang Guarantee, given the marketplace's closure. Additionally, those interested in education-and-self-development in the field of cybersecurity could benefit from learning about methods to prevent falling victim to similar scams in the future.
