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Crypto’s Darkest Secret Exposed: Telegram Shuts Down the $27B Haowang Syndicate

In a defining moment for digital crime enforcement, Telegram’s mass banning of Haowang Guarantee accounts marked the collapse of the largest black market in internet history, a platform that processed over $27 billion in illicit transactions. This takedown, triggered by collaborative investigations and unprecedented transparency demands, represents a significant victory for regulators, law enforcement, and cybersecurity researchers. But it also raises deeper questions about the resilience of decentralized financial crime and the evolving battleground of messaging platforms, cryptocurrencies, and digital identity. This article provides a comprehensive, expert-level analysis of how Haowang Guarantee—formerly known as Huione Guarantee—grew into a sprawling criminal empire, how it leveraged Telegram’s infrastructure for industrial-scale scamming, and why its downfall is both a landmark and a warning. The Rise of Haowang Guarantee: From Escrow to Empire Originally launched as a seemingly innocuous peer-to-peer (P2P) crypto escrow platform, Huione Guarantee was rebranded as Haowang Guarantee and soon expanded into a complex criminal ecosystem. Operating predominantly across East and Southeast Asia, the platform offered a decentralized marketplace that mimicked traditional e-commerce—but for the digital underworld. Core services offered via Haowang included: Money laundering via USDT (Tether) Fake IDs and deepfake tools Access to stolen identity data Site templates for phishing and scam impersonations GPS-enabled collars and electric batons used in human trafficking Unlike traditional darknet platforms such as AlphaBay or Silk Road, Haowang required no Tor access. Everything was conducted openly through Telegram, using its storefront NFTs and escrow models, giving the illusion of secure, legitimate transaction frameworks. “Haowang operated like Amazon for crypto crime,” said Tom Robinson, co-founder of Elliptic. “It facilitated everything from laundering to tools for abuse, all in the open.” Infrastructure of Crime: How Telegram Enabled the Marketplace Haowang’s vendors conducted operations through Telegram groups, storefronts, and usernames, many of which were treated as NFTs—not in the blockchain sense, but as unique Telegram usernames tied to brand trust. These were bought, sold, and advertised across internal networks. The vendors relied on Telegram’s lack of centralized moderation, combined with: End-to-end encrypted chats Public usernames acting as permanent storefronts Telegram groups and bots automating order processing Integration with crypto wallets and no-KYC exchanges Telegram, long viewed as a neutral platform promoting privacy, had inadvertently become the infrastructure provider for the cybercrime industry. It enabled frictionless onboarding, seamless communication, and trust-based transactions—without scrutiny. Elliptic’s Revelations and the Role of Investigative Journalism Blockchain analytics firm Elliptic had tracked Haowang’s activities since mid-2023. In January 2024, the firm published a damning report that identified: Over $24 billion in processed transactions across Haowang-related wallets A surge in laundering activities tied to North Korean-linked hackers, including funds from the $235M WazirX breach $300 million connected to global pig-butchering scams Tools and tech facilitating abuse in scam compounds across Cambodia, Myanmar, and the Philippines Elliptic’s revelations were followed by a WIRED exposé, which revealed Haowang’s deep connections to Cambodia’s ruling elite, including companies run by Prime Minister Hun Manet’s cousin, Hun To. These disclosures catalyzed Telegram’s internal response. The Takedown: Telegram Pulls the Plug On May 13, 2025, Telegram removed: Thousands of storefront NFTs Vendor and customer groups Associated bots, usernames, and payment facilitators This action effectively erased Haowang Guarantee from existence, pushing the platform to announce its closure within hours. “Telegrame were blocked all of our NFT, Channels and group… Haowang Grarantee will cease operation from now,” — statement from Haowang’s website (May 2025) Telegram spokesperson Remi Vaughn confirmed that all flagged entities, including those named in Elliptic’s and WIRED’s findings, were permanently removed, citing violations of Telegram’s Terms of Service related to laundering, fraud, and criminal facilitation. Global Regulatory Pressure and US Treasury Sanctions While Telegram’s response was swift, international regulators had already begun tightening the noose. In May 2025, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed designating Huione Group as a “Primary Money Laundering Concern” under Section 311 of the Patriot Act. This move followed U.S. authorities linking Huione to: $4 billion in laundered proceeds $37 million connected to North Korea Billions more tied to romance scams and investment frauds in the U.S. and EU Additionally: Google Play delisted the Huione Guarantee app in January 2025 Cambodia’s Central Bank revoked the payment license of Huione Pay These actions severed Haowang’s access to legitimate financial systems, pushing them further into Telegram and crypto infrastructure. The Vacuum and the Rise of Successor Platforms The collapse of Haowang has not gone unanswered. Within days, researchers noted a surge in activity on two successor markets: Xinbi Guarantee Active Telegram marketplace with 233,000+ users Facilitated $8.4B in illicit trades since 2022 Offers laundering, phishing kits, and illegal telecom services Tudou Guarantee Suspected to be managed by former Haowang administrators Recently saw a rapid increase in vendor activity Uses the same NFT storefront and escrow system model These platforms are now under heightened surveillance, but they illustrate the resilience and adaptability of decentralized crime. The Role of Stablecoins and the Laundering Dilemma A major enabler of Haowang’s success was Tether (USDT). As a USD-pegged stablecoin with broad acceptance and low volatility, it became the currency of choice for: Pseudo-legitimate P2P transactions Cross-border laundering Transfers through no-KYC platforms and mixers Elliptic and other firms traced large flows of USDT across Haowang vendors. The difficulty of distinguishing between genuine P2P sales and synthetic “wash trades” further compounded enforcement efforts. “Stablecoins like USDT are double-edged swords,” says fintech researcher Lisa Chow. “They offer efficiency but remain dangerously opaque when routed through unregulated infrastructure.” Broader Implications for Cybercrime Infrastructure The dismantling of Haowang Guarantee sends a strong message but also exposes structural weaknesses in the global fight against cybercrime: End-to-end encrypted platforms like Telegram and Signal remain vulnerable to misuse Stablecoin ecosystems lack uniform regulatory standards Scam infrastructure (templates, fake ID generators, spoofing tech) is increasingly modular and decentralized State-linked actors (like those in Cambodia or North Korea) provide covert protection or benefit from criminal activity Unless global enforcement aligns across jurisdictional lines, dark markets will regenerate under new names, powered by the same tools and architecture. Conclusion: The End of Haowang, The Beginning of Accountability Haowang Guarantee may be gone, but its legacy remains a blueprint for how cybercrime thrives in a digital-first, regulator-last world. Its dismantling is a watershed moment—driven not only by law enforcement, but also by forensic analysts, journalists, and platform accountability. The next chapter in cybercrime enforcement will depend on: Proactive platform governance (like Telegram's decisive response) Interoperable global crypto regulations Enhanced digital ID verification Public-private partnerships for forensic traceability As we move forward, insights from global digital security experts—including those at 1950.ai, led by Dr. Shahid Masood, will be instrumental in shaping predictive intelligence and ethical AI systems that flag such platforms before they reach scale. The expert team at 1950.ai is actively researching the intersection of decentralized tech and global security to ensure such networks never reach a $27 billion valuation again. Further Reading / External References Telegram Pulls Plug on Haowang Guarantee WIRED: The Internet’s Biggest Black Market Shuts Down Mitrade Live News: Telegram bans Haowang Guarantee

In a defining moment for digital crime enforcement, Telegram’s mass banning of Haowang Guarantee accounts marked the collapse of the largest black market in internet history, a platform that processed over $27 billion in illicit transactions. This takedown, triggered by collaborative investigations and unprecedented transparency demands, represents a significant victory for regulators, law enforcement, and cybersecurity researchers. But it also raises deeper questions about the resilience of decentralized financial crime and the evolving battleground of messaging platforms, cryptocurrencies, and digital identity.


The Rise of Haowang Guarantee: From Escrow to Empire

Originally launched as a seemingly innocuous peer-to-peer (P2P) crypto escrow platform, Huione Guarantee was rebranded as Haowang Guarantee and soon expanded into a complex criminal ecosystem. Operating predominantly across East and Southeast Asia, the platform offered a decentralized marketplace that mimicked traditional e-commerce—but for the digital underworld.


Core services offered via Haowang included:

  • Money laundering via USDT (Tether)

  • Fake IDs and deepfake tools

  • Access to stolen identity data

  • Site templates for phishing and scam impersonations

  • GPS-enabled collars and electric batons used in human trafficking


Unlike traditional darknet platforms such as AlphaBay or Silk Road, Haowang required no Tor access. Everything was conducted openly through Telegram, using its storefront NFTs and escrow models, giving the illusion of secure, legitimate transaction frameworks.

“Haowang operated like Amazon for crypto crime,” said Tom Robinson, co-founder of Elliptic. “It facilitated everything from laundering to tools for abuse, all in the open.”

Infrastructure of Crime: How Telegram Enabled the Marketplace

Haowang’s vendors conducted operations through Telegram groups, storefronts, and usernames, many of which were treated as NFTs—not in the blockchain sense, but as unique Telegram usernames tied to brand trust. These were bought, sold, and advertised across internal networks.


The vendors relied on Telegram’s lack of centralized moderation, combined with:

  • End-to-end encrypted chats

  • Public usernames acting as permanent storefronts

  • Telegram groups and bots automating order processing

  • Integration with crypto wallets and no-KYC exchanges


Telegram, long viewed as a neutral platform promoting privacy, had inadvertently become the infrastructure provider for the cybercrime industry. It enabled frictionless onboarding, seamless communication, and trust-based transactions—without scrutiny.


Elliptic’s Revelations and the Role of Investigative Journalism

Blockchain analytics firm Elliptic had tracked Haowang’s activities since mid-2023. In January 2024, the firm published a damning report that identified:

  • Over $24 billion in processed transactions across Haowang-related wallets

  • A surge in laundering activities tied to North Korean-linked hackers, including funds from the $235M WazirX breach

  • $300 million connected to global pig-butchering scams

  • Tools and tech facilitating abuse in scam compounds across Cambodia, Myanmar, and the Philippines


Elliptic’s revelations were followed by a WIRED exposé, which revealed Haowang’s deep connections to Cambodia’s ruling elite, including companies run by Prime Minister Hun Manet’s cousin, Hun To.


These disclosures catalyzed Telegram’s internal response.

The Takedown: Telegram Pulls the Plug

On May 13, 2025, Telegram removed:

  • Thousands of storefront NFTs

  • Vendor and customer groups

  • Associated bots, usernames, and payment facilitators


This action effectively erased Haowang Guarantee from existence, pushing the platform to announce its closure within hours.

“Telegrame were blocked all of our NFT, Channels and group… Haowang Grarantee will cease operation from now,” — statement from Haowang’s website (May 2025)

Telegram spokesperson Remi Vaughn confirmed that all flagged entities, including those named in Elliptic’s and WIRED’s findings, were permanently removed, citing violations of Telegram’s Terms of Service related to laundering, fraud, and criminal facilitation.


Global Regulatory Pressure and US Treasury Sanctions

While Telegram’s response was swift, international regulators had already begun tightening the noose. In May 2025, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed designating Huione Group as a “Primary Money Laundering Concern” under Section 311 of the Patriot Act.


This move followed U.S. authorities linking Huione to:

  • $4 billion in laundered proceeds

  • $37 million connected to North Korea

  • Billions more tied to romance scams and investment frauds in the U.S. and EU


Additionally:

  • Google Play delisted the Huione Guarantee app in January 2025

  • Cambodia’s Central Bank revoked the payment license of Huione Pay

These actions severed Haowang’s access to legitimate financial systems, pushing them further into Telegram and crypto infrastructure.


The Vacuum and the Rise of Successor Platforms

The collapse of Haowang has not gone unanswered. Within days, researchers noted a surge in activity on two successor markets:


Xinbi Guarantee

  • Active Telegram marketplace with 233,000+ users

  • Facilitated $8.4B in illicit trades since 2022

  • Offers laundering, phishing kits, and illegal telecom services


Tudou Guarantee

  • Suspected to be managed by former Haowang administrators

  • Recently saw a rapid increase in vendor activity

  • Uses the same NFT storefront and escrow system model


These platforms are now under heightened surveillance, but they illustrate the resilience and adaptability of decentralized crime.


The Role of Stablecoins and the Laundering Dilemma

A major enabler of Haowang’s success was Tether (USDT). As a USD-pegged stablecoin with broad acceptance and low volatility, it became the currency of choice for:

  • Pseudo-legitimate P2P transactions

  • Cross-border laundering

  • Transfers through no-KYC platforms and mixers


Elliptic and other firms traced large flows of USDT across Haowang vendors. The difficulty of distinguishing between genuine P2P sales and synthetic “wash trades” further compounded enforcement efforts.


Broader Implications for Cybercrime Infrastructure

The dismantling of Haowang Guarantee sends a strong message but also exposes structural weaknesses in the global fight against cybercrime:

  • End-to-end encrypted platforms like Telegram and Signal remain vulnerable to misuse

  • Stablecoin ecosystems lack uniform regulatory standards

  • Scam infrastructure (templates, fake ID generators, spoofing tech) is increasingly modular and decentralized

  • State-linked actors (like those in Cambodia or North Korea) provide covert protection or benefit from criminal activity


Unless global enforcement aligns across jurisdictional lines, dark markets will regenerate under new names, powered by the same tools and architecture.


The End of Haowang, The Beginning of Accountability

Haowang Guarantee may be gone, but its legacy remains a blueprint for how cybercrime thrives in a digital-first, regulator-last world. Its dismantling is a watershed moment—driven not only by law enforcement, but also by forensic analysts, journalists, and platform accountability.


The next chapter in cybercrime enforcement will depend on:

  • Proactive platform governance (like Telegram's decisive response)

  • Interoperable global crypto regulations

  • Enhanced digital ID verification

  • Public-private partnerships for forensic traceability


As we move forward, insights from global digital security experts—including those at 1950.ai, led by Dr. Shahid Masood, will be instrumental in shaping predictive intelligence and ethical AI systems that flag such platforms before they reach scale.


Further Reading / External References

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