Crypto Scam Networks Persist Despite Haowang Shutdown, Chainalysis Reports

The closure of Haowang Guarantee, once the largest illicit marketplace for crypto fraud, has failed to dismantle criminal networks operating in the digital asset space. Blockchain analytics firm Chainalysis reveals that the Telegram-based platform’s shutdown is merely a setback for organized crypto crime, not a decisive blow.

Haowang, previously operating as Huione Guarantee, functioned as a one-stop shop for money laundering, stolen data, and scam infrastructure—all accessible without identity verification. Its demise followed coordinated action by Telegram and U.S. regulators, who linked its parent company to North Korean cyber operations.

The ecosystem supporting such ’guarantee’ services demonstrates remarkable resilience. Telegram simultaneously terminated accounts tied to Xinbi Guarantee, the sector’s second-largest player, yet analysts warn these platforms represent just the visible LAYER of a deeper criminal infrastructure.