Telegram Takes Action Against Major Illicit Marketplaces Following Elliptic Findings

Overview

Telegram has taken significant steps to combat illegal activities via its platform by shutting down the illicit marketplace Haowang Guarantee, previously known as Huione Guarantee, which has facilitated over $27 billion in transactions since 2021. This measure comes after insights from blockchain analytics firm Elliptic, which highlighted the scale of the operations.

Key Points

On Tuesday, Haowang was shut down as part of an initiative to clamp down on illegal crypto activities.
The marketplace was responsible for processing illicit transactions totaling $35 billion with Xinbi Guarantee also being closed following these findings.
Elliptic provided an analysis indicating that Huione Guarantee was the largest online illicit marketplace ever, based on complete transaction data.

Additional Context

This crackdown aligns with a broader effort to address thousands of suspected illegal channels associated with crypto crime on Telegram, emphasizing the platform’s struggle against its misuse.

For reference, notable past illicit marketplaces like Silk Road and Alphabay processed $216 million and $639 million, respectively, highlighting the unprecedented scale of today’s operations on Telegram, which has over a billion users.

Cyber crime
Cyber crime (satheeshsankaran/Pixabay)