Telegram Axes Massive Darknet Hub Fueling Crypto Scams—Another ’Anonymous’ Fantasy Bites the Dust

Telegram just pulled the plug on one of the largest darknet marketplaces—a breeding ground for crypto fraud, pump-and-dump schemes, and the usual web3 grift. The platform, which thrived on Telegram’s encrypted channels, saw millions in shady transactions before getting the hammer.

No more ‘private deals’ or ‘exclusive alpha’—just another reminder that anonymity often ends where law enforcement begins. Meanwhile, crypto scammers are already migrating to the next ‘uncrackable’ platform—because the cycle never stops, and neither does the naivety of retail investors.

Telegram’s Growing Role in the Crypto Black Market Crackdown

Telegram wasn’t always aggressive about crypto-scams. But after pressure from journalists and watchdog groups like Elliptic, it acted fast. According to Telegram spokesperson Remi Vaughn, every group flagged by Wired or Elliptic was deleted. He said criminal activity, including money laundering and scamming, goes against Telegram’s rules and will be removed.

This crackdown wasn’t just about Haowang. Telegram also targeted Xinbi Guarantee, another darknet platform. Xinbi was tied to $8.4 billion in shady crypto deals. That’s a huge number—but experts believe it’s only the floor, not the ceiling.

Xinbi still operates, though it’s struggling. Vendors are trying to rebuild on new channels. Telegram’s next MOVE will decide whether these black markets can survive—or scatter to even more secretive platforms.

Telegram-Based Marketplaces Thrive in the Shadows

Telegram is popular with black market operators because it’s easy to use and hard to regulate. Markets like Haowang and Xinbi ran full operations on the app. Vendors WOULD sell stolen data, offer laundering services, and even ship physical items to support scam call centers.

Both marketplaces used what’s called a “guarantee” system. Sellers would deposit crypto as a way to build trust and secure deals. It worked. Haowang had massive reach, and Xinbi had more than 233,000 users.

This setup attracted scammers from across East and Southeast Asia. In countries like Cambodia, Myanmar, and the Philippines, entire compounds were set up to run scams. Telegram was the digital engine behind it all.

Crypto-Scam Ecosystem Isn’t Dead Yet

Haowang’s fall is a serious blow—but it’s not the end. Xinbi Guarantee is already trying to come back. Another Telegram-based platform, Tudou Guarantee, is gaining users fast. And all these markets are linked. Elliptic found that Haowang’s owners may have stakes in both Xinbi and Tudou.

The U.S. Treasury had already flagged Haowang and its parent company, Huione Group, as a money laundering threat. Now Telegram’s purge adds more heat. But experts warn: this is a cat-and-mouse game. Criminal groups will move to new platforms if Telegram gets too strict.

That’s why this isn’t a knockout. It’s a reset. The black market will evolve, but Haowang’s shutdown proves these platforms aren’t invincible.

What’s Next for Telegram and the Black Market?

Telegram now faces a choice. Will it continue rooting out crypto-scam operations? Or will it let new ones slip through the cracks? Elliptic’s Tom Robinson says that if Telegram stays tough, scammers may be forced to flee to decentralized or less secure platforms.

But even with this victory, crypto crime isn’t going away. The black market is decentralized, global, and ruthless. Telegram just showed it can hit hard—but staying ahead will take constant effort.

For now, one thing’s clear: Telegram just wiped out a $27 billion crypto-scam empire. And the dark web is feeling the loss.