Telegram Cracks Down on Chinese-Language Dark Markets Xinbi and Huione Guarantee
Telegram has escalated its enforcement against illicit cryptocurrency markets, shuttering thousands of channels tied to Xinbi Guarantee—a Colorado-registered platform facilitating over $35 billion in USDT transactions. The move follows Elliptic’s July 2024 exposé on Huione Guarantee, another Telegram-based hub servicing Southeast Asian fraud networks, including ’pig butchering’ scams.
The platform’s cleanup disrupts darknet markets that previously operated with impunity, mirroring Tor-accessible ecosystems. While no specific coins or exchanges were named in the crackdown, the action underscores growing scrutiny of USDT’s role in cross-border crypto fraud.