Telegram Pulls Plug on Haowang Guarantee Crypto Crime Syndicate
Telegram has shut down Haowang Guarantee, a major crypto-fueled black market that laundered over $27 billion in Asia's cyber scam economy. Thousands of accounts linked to Haowang were banned, leading to the marketplace's immediate closure. Haowang sold laundered USDT, stolen data, fake IDs, and tools for exploiting workers in Southeast Asia. Blockchain analytics firm Elliptic confirmed the takedown, calling it a significant blow to cyber fraud infrastructure. The U.S. Treasury Department previously proposed designating Huione Group, Haowang's parent company, as a primary money laundering concern, alleging it processed over $4 billion in illicit funds. Despite Haowang's collapse, another marketplace, Xinbi Guarantee, remains active, having processed at least $8.4 billion in questionable funds. Elliptic indicates that Haowang's operators may shift to a new marketplace, Tudou Guarantee, which is already gaining users.
