Haowang Guarantee, the largest Chinese darknet marketplace, has ceased operations following a significant crackdown by Telegram on merchant accounts associated with the platform. The closure was announced on May 13, 2025, as Telegram banned thousands of accounts linked to the marketplace, which was reported to facilitate approximately $27 billion in illicit transactions using Tether stablecoin. Elliptic, a blockchain security firm, indicated that this marketplace operated extensive services for cybercrimes, including money laundering and selling stolen personal data. Elliptic's co-founder hailed the shutdown as a monumental victory in disrupting online criminal activities. Although Haowang has shut down, another illicit marketplace, Xinbi Guarantee, is reportedly still operational and has been connected to a significant volume of transactions. These platforms highlight a growing underground banking system in China based on crypto payments, raising concerns over widespread money laundering practices.

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