Telegram Emerges as Hub for Record Crypto Black Market Activity
Telegram has become the platform of choice for the largest cryptocurrency black markets ever recorded, according to a new Elliptic report. The messaging app's accessibility, resilient channels, and lax Chinese-language moderation have dismantled the technical barriers that once confined illicit activity to darknet markets.
Huione Guarantee, one of the identified platforms, processed an estimated $27 billion in crypto transactions between 2021 and 2025. Current market leaders Tudou Guarantee and Xinbi Guarantee collectively facilitate nearly $2 billion monthly in crypto flows tied to money laundering, stolen data, and fraudulent investment schemes.
The markets serve as infrastructure for Southeast Asia-based pig butchering scams, which generate approximately $10 billion annually from U.S. victims alone. Listings range from AI deepfake tools to illegal surrogacy services, revealing the sprawling nature of these operations.
