{"id":480154,"date":"2025-05-15T12:30:04","date_gmt":"2025-05-15T11:30:04","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=480154"},"modified":"2025-05-15T11:59:24","modified_gmt":"2025-05-15T10:59:24","slug":"telegram-takes-down-35-billion-black-market-networks-but-illicit-operators-plan-comeback","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/telegram-takes-down-35-billion-black-market-networks-but-illicit-operators-plan-comeback\/","title":{"rendered":"Telegram takes down $35 billion black-market networks, but illicit operators plan comeback"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/telegram\/\">Telegram<\/a> has taken down thousands of accounts linked to two massive black-market networks, Xinbi Guarantee and Haowang Guarantee, effectively turning off their operations.<\/p>\n<p>Blockchain firm <a href=\"https:\/\/cryptoslate.com\/companies\/elliptic\/\">Elliptic<\/a> <a href=\"https:\/\/www.elliptic.co\/blog\/xinbi-guarantee\">reported<\/a> these networks facilitated over $35 billion in stablecoin\u00a0transactions through Telegram-based marketplaces.<\/p>\n<p>Despite the crackdown, the operators of these illicit marketplaces are reportedly not backing down.<\/p>\n<p>Tom Robinson, co-founder of Elliptic, told <em>CryptoSlate<\/em> that these platforms are too profitable to be abandoned altogether. As such, the operators are trying to revive their operations on the social messaging application.<\/p>\n<h2>Haowang shuts down<\/h2>\n<p>On May 13, Haowang Guarantee <a href=\"https:\/\/www.hwdb.la\/annoucement\">confirmed<\/a>\u00a0it would cease operations because its NFTs, groups, and channels were removed from Telegram.<\/p>\n<p>Elliptic stated that the platform functioned as a digital bazaar for illicit services, offering access to stolen data and money laundering services. It mainly catered to Southeast Asian clients, including crypto scammers.<\/p>\n<p>The market allegedly processed over $27 billion in stablecoin transactions, making it the most significant illicit crypto marketplace.<\/p>\n<p>Elliptic stated that\u00a0<span style=\"margin: 0px; padding: 0px;\"><a href=\"https:\/\/cryptoslate.com\/shadowy-marketplace-huione-launches-usdh-stablecoin-to-evade-scrutiny\/\" target=\"_blank\" rel=\"noopener\">USDH,<\/a> a dollar-backed stablecoin linked to the Huione Group, was a key facilitator of its transactions<\/span>.<\/p>\n<p>Huione is a Cambodian financial firm accused of using its crypto products, including Huione Pay and Huione Crypto, to sidestep global sanctions and regulatory checks.<\/p>\n<p>As a result, US authorities have moved to <a href=\"https:\/\/cryptoslate.com\/us-targets-huione-group-in-crackdown-on-4-billion-crypto-laundering-network\/\">block Huione Group<\/a> from the American financial system.<\/p>\n<p>Earlier this month, the Treasury's Financial Crimes Enforcement Network (FinCEN) described the entity as a money laundering operation that processed over $4 billion in illegal funds, some of which were stolen by <a href=\"https:\/\/cryptoslate.com\/north-korean-lazarus-group-funnels-over-100-million-in-ethereum-through-sanctioned-mixer-tornado-cash-in-8-days\/\">North Korean hackers<\/a>.<\/p>\n<p>However, the Huione operators appear focused on continuing their business despite Haowang's exit.<\/p>\n<p>Robinson noted that the illicit marketplace team has urged users to migrate to Tudou Guarantee, another platform with apparent ties to Huione.<\/p>\n<h2>Xinbi eyes comeback despite closure<\/h2>\n<p>Like Haowang, Telegram also dismantled Xinbi Guarantee, a secondary but equally notorious platform operating via the messaging application.<\/p>\n<p>According to Elliptic, the illicit marketplace offered money laundering services and even more extreme offerings such as intimidation services and sex trafficking. Xinbi allegedly handled $8.4 billion in USDT, with links to North Korea also identified.<\/p>\n<p>Elliptic pointed out that what sets Xinbi apart is its claim of legitimacy through incorporation under Xinbi Co. Ltd in Colorado.<\/p>\n<p>However, despite the reported shutdown, Xinbi's team appears to be regrouping.<\/p>\n<p>Robinson told <em>CryptoSlate<\/em>:<\/p>\n<blockquote><p>&#8220;Xinbi Guarantee are trying to relaunch as &#8220;Xinbi 2.0&#8243; &#8211; it remains to be seen whether Telegram will pursue them further.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Telegram has taken down thousands of accounts linked to two massive black-market networks, Xinbi Guarantee and Haowang Guarantee, effectively turning off their operations. Blockchain firm Elliptic reported these networks facilitated over $35 billion in stablecoin\u00a0transactions through Telegram-based marketplaces. Despite the crackdown, the operators of these illicit marketplaces are reportedly not backing down. Tom Robinson, co-founder [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":480217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76799,37],"tags":[79971,78866,80240],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Telegram takes down $35 billion black-market networks, but illicit operators plan comeback<\/title>\n<meta name=\"description\" content=\"Telegram&#039;s crackdown on illicit marketplaces, Xinbi and Haowang, stalls operations but fails to deter their operators.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/telegram-takes-down-35-billion-black-market-networks-but-illicit-operators-plan-comeback\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Telegram takes down $35 billion black-market networks, but illicit operators plan comeback\" \/>\n<meta property=\"og:description\" content=\"Telegram&#039;s crackdown on illicit marketplaces, Xinbi and Haowang, stalls operations but fails to deter their operators.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/telegram-takes-down-35-billion-black-market-networks-but-illicit-operators-plan-comeback\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-05-15T11:30:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-15T10:59:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/05\/telegram-network.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/telegram-takes-down-35-billion-black-market-networks-but-illicit-operators-plan-comeback\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/telegram-takes-down-35-billion-black-market-networks-but-illicit-operators-plan-comeback\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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