Haowang Guarantee, one of the largest cryptocurrency laundering markets, announced its closure. This Chinese-language platform made this decision in response to the mass blocking of related accounts on Telegram after an investigation by Wired and the publication of new data by Elliptic.
Previously known as Huione Guarantee, Haowang Guarantee has been operating almost openly for years. The platform facilitated services for laundering money, offering victims, renting telecommunication infrastructure, selling dipteums, and even supplying GPS trackers and electric shockers used to control individuals in illegal activities in Myanmar, Cambodia, and the Philippines. The primary currency used on the platform was Tether stablecoin.
Acting as a marketplace for third-party sellers, the site provided warranty mechanisms for transactions through deposits and escrow services. By January 2025, the platform’s transaction volume had reached $24 billion, surpassing $27 billion by the time of its closure, making it the largest shadow market on the Internet.
On May 13, Telegram blocked thousands of accounts associated with Haowang Guarantee, including channels, groups, and NFT models used as identifiers. In response, the platform’s leadership posted a brief message in broken English on its website, announcing the termination of its activities.
Another platform, Xinbi Guarantee, was also blocked. According to Elliptic, since 2022, it processed $8.4 billion in suspicious operations, including money laundering, the sale of stolen data, and the customization of pursuits and trafficking.
Telegram has officially confirmed the deletion of all accounts mentioned by experts, emphasizing that fraud and money laundering are violations of its service rules and are promptly removed upon identification.
Telegram’s actions may have been influenced by the US Department of the Treasury’s Financial Crimes Enforcement Network listing Huione Group, Haowang’s parent company, as a suspected money laundering organization, restricting access to American financial institutions.
Although Haowang Guarantee has closed, Elliptic suggests that part of its team may attempt to resume operations through Tudou Guarantee. Already showing increased activity, Xinbi is also reportedly trying to reestablish its presence on new Telegram channels.
The future of such markets hinges on Telegram’s vigilance in monitoring and blocking new illicit schemes. Continued crackdowns on criminal activities may force these groups to seek alternative messaging platforms, potentially decentralized ones that are harder to block.