Telegram Nukes $35B USDT Black Market—Crypto’s Shadow Economy Takes a Hit
Messaging giant Telegram just pulled the plug on the world’s largest darknet marketplace—one that processed over $35 billion in Tether transactions. The takedown exposes crypto’s enduring role in gray-market finance, even as regulators pretend stablecoins are ’just for payments.’
Behind the takedown: A platform so brazen it made Silk Road look like a lemonade stand. The marketplace operated openly on Telegram for years, leveraging USDT’s liquidity and pseudo-anonymity to move billions.
Why it matters: While blockchain sleuths cheer, the real story is how effortlessly crypto still bypasses traditional financial controls. Telegram’s move wasn’t altruism—it was damage control before regulators came knocking.
The cynical take: Another win for ’compliant’ crypto exchanges who’ll gladly absorb these users—after proper KYC theater, of course. The money always finds a way.
Elliptic research leads to the shutdown of the two largest online criminal marketplaces of all time
On May 13, 2025, @telegram took decisive action to shut down Huione Guarantee and Xinbi Guarantee — two vast illicit marketplaces operating on its platform — following… pic.twitter.com/PJ4OMD4iZ9
— Elliptic (@elliptic) May 15, 2025
Thousands Of Telegram Channels And Accounts Linked To Haowang Guarantee Closed In Recent Weeks
Reputable blockchain analytics firm Elliptic published a report on the same day that Haowang announced its closure, stating that Telegram had closed thousands of channels linked to the black market firm, following its earlier research into the marketplace.
Prior to its closure, Haowang Guarantee operated a Telegram-based marketplace where third-party vendors sold tech services, personal data and money laundering services. It was mainly used in Southeast Asia and was wildly popular with crypto scammers and other shady online actors, per the Elliptic report.
Elliptic reported that the market had processed over $35 billion worth of USDT transactions, which made it the largest illegal online marketplace in recorded history.
The illicit transactions on the marketplace were also completed using USDH. USDH is a US dollar-backed stablecoin issued by “partner and shareholder” Huione Group. The stablecoin is reported to allow users to evade sanctions imposed by traditional regulatory agencies.
Although Haowang rebranded itself from its original name, Huione Guarantee, Elliptic states that authorities viewed the marketplace as part of the Cambodian financial conglomerate Huione Group.
World’s biggest black market just got nuked.
Haowang Guarantee — a $27B+ Telegram-based crime hub — shut down after Telegram banned thousands of its channels.
It ran everything: data theft, laundering, scams. pic.twitter.com/W4VLufgTzj
— CryptoPotato Official (@Crypto_Potato) May 15, 2025
Smaller Platform Xinbi Also Closed Due To Telegram Account Closures: Haowang Plotting A Comeback
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) had taken steps to block the Huione Group from accessing its financial system after claiming Huione operated a “money laundering enterprise” with its network of businesses that include Haowang, payments services platform Huione Pay and web3 exchange Huione Crypto.
According to FinCEN research, Huione Group laundered around $4 billion worth of illegal proceeds, a portion of which stemmed from North Korean crypto heists such as the ByBit hack earlier this year.
Along with its actions on Haowang, Telegram also shut down accounts linked to Xinbi Guarantee. Xinbi worked similar to Haowang, brokering illicit services such as intimidation-as-a-service and sex trafficking.
Elliptic said this “severely disrupted” the two largest Telegram-based marketplaces, which have collectively processed over $35 billion worth of USDT transactions. The analytics firm stated in its report that it still monitors over 30 platforms similar to Haowang.
Rumours abound that Haowang is attempting to revive the marketplace under new branding and potentially via a different messenger platform than Telegram.
As of today, Telegram has yet to make an official social media comment regarding the closure of the accounts that led to Haowang and Xinbi ceasing all operations.
Telegram closed thousands of accounts linked to Haowang Guarantee, an illicit online marketplace
- Haowang made a reported $35 billion in transactions while selling stolen data and illicit goods
- A smaller black market firm, Xinbi, was also caught in the crossfire and has ceased operations
- Haowang are alleged to be plotting a comeback under a different name
