Telegram has shut down the notorious Haowang Guarantee marketplace, known for facilitating cybercrime, including the trade of stolen data and tools for scams. This follows findings from blockchain analytics firm Elliptic, which reported that Haowang had processed over $27 billion in illicit activities within Asia’s cybercrime sphere. Telegram's action on May 13, 2025, targeted thousands of related accounts and adhered to its policies against illicit activities. Despite this significant enforcement, new platforms like Xinbi and Tudou Guarantee are rapidly emerging to fill the void, continuing to facilitate similar crimes. Elliptic noted that Xinbi alone has processed about $8.4 billion in questionable funds, highlighting the resilience of these illicit networks, which adapt swiftly to enforcement actions. The U.S. Treasury Department recently identified Haowang’s parent company as a primary money laundering concern, adding pressure on the marketplace’s operators. The crackdown illustrates the ongoing battle authorities face against cybercrime flourishing in decentralized environments.

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