Telegram shuts the 'largest darknet marketplace to have ever existed'
A major Chinese darknet marketplace, Haowang Guarantee, has been shut down by Telegram following the ban of thousands of associated accounts on May 13, 2025. The marketplace facilitated approximately $27 billion in illicit transactions, primarily using Tether (USDT). It provided services for crypto scams, including money laundering and the use of stolen personal data. Telegram confirmed the removal of communities involved in criminal activities, adhering to its terms of service. Elliptic reported that the wider Huione Group facilitated over $98 billion in crypto transactions. The US Treasury's FinCEN designated Haowang as a money laundering operation. Another illicit marketplace, Xinbi Guarantee, has emerged, with Elliptic noting $8.4 billion in transactions, indicating a significant underground banking system in China leveraging stablecoins for money laundering.
