Haowang Guarantee, referred to as the “largest illicit online marketplace in history,” announced its operational shutdown due to actions taken by Telegram on May 13, 2025.
The platform stated, “Since all our NFTs, channels, and groups were blocked by Telegram on May 13, Haowang Guarantee will cease operations immediately.”
🚨 Elliptic research leads to the shutdown of the two largest online criminal marketplaces of all time 🚨
On May 13, 2025, @telegram blocked Huione Guarantee and Xinbi Guarantee, two major illicit marketplaces on its platform. pic.twitter.com/PJ4OMD4iZ9
— Elliptic (@elliptic) May 15, 2025
Thousands Of Telegram Channels And Accounts Linked To Haowang Guarantee Closed In Recent Weeks
Reputable blockchain analytics firm Elliptic reported on Haowang’s closure, indicating that Telegram had shut down numerous channels connected to this black market operation, following their investigation.
Prior to its closure, Haowang Guarantee operated on Telegram, allowing third-party sellers to market tech services, stolen data, and money laundering services. It primarily served Southeast Asia, becoming a hub for crypto scammers according to Elliptic.
Elliptic noted that Haowang processed over $35 billion worth of USDT transactions, marking it as the largest illegal online marketplace in history. Transactions were also executed using USDH, a stablecoin issued by the Huione Group, which helps users evade regulatory sanctions.
Although it rebranded from its original name Huione Guarantee, the authorities perceive it as part of the Cambodian Huione Group.
🚨 The world’s biggest black market just got terminated.
Haowang Guarantee — a $27B+ Telegram crime hub — was shut down after Telegram banned numerous accounts. It was involved in everything from data theft to money laundering. pic.twitter.com/W4VLufgTzj
— CryptoPotato Official (@Crypto_Potato) May 15, 2025
Smaller Platform Xinbi Also Closed Due To Telegram Account Closures
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) took measures to block the Huione Group from accessing the U.S. financial system, asserting that Huione ran a “money laundering enterprise” involving Haowang.
FinCEN’s findings revealed that Huione Group laundering approximately $4 billion of illicit revenue, including proceeds from high-profile crypto thefts. While blocking Haowang, Telegram also terminated accounts related to another black market firm, Xinbi.
Elliptic stated the actions significantly impacted both marketplaces, which have together facilitated over $35 billion in USDT transactions. The firm continues to monitor over 30 similar platforms.
Rumors suggest Haowang is planning to relaunch under a new name, potentially on a different messaging platform.
As of now, Telegram has not provided any official remarks about the account closures that prompted the shutdown.
