The world of online crime has seen significant changes: Telegram announced the blocking of one of the largest darknet marketplaces — Haowang Guarantee. The platform was closely associated with crypto fraud and cybercrime.
Haowang Guarantee Activities
According to the data, Haowang Guarantee made around $27 billion in illegal transactions. The platform provided services to crypto fraudsters, including money laundering and identity theft. In addition, Huione Guarantee facilitated over $98 billion in crypto transactions.
Reaction and Consequences
Elliptic co-founder Tom Robinson commented on the situation, calling the platform’s closure a “massive victory.” This is a serious restriction for online fraudsters. It is also worth noting that Haowang Guarantee has been designated as a money laundering operation by the Financial Crimes Enforcement Network (FinCEN).
Other Illegal Marketplaces
Elliptic also identified another illicit marketplace, Xinbi Guarantee. Xinbi had $8.4 billion in transaction volume. Xinbi was linked to a Colorado-based company that was added to the list of violators in January 2025.
Chinese Underground Banking
In addition, black markets have exposed China’s underground banking system. It is based on stablecoins and crypto payments and is used for money laundering on a significant scale. This highlights the seriousness of the cybercrime problem and the need for a concerted effort to combat it.
