For years, Haowang Guarantee, a significant Chinese-language marketplace for cryptocurrency scams and money laundering, was a notable player in the dark side of the internet. This black market facilitated over $27 billion in transactions and operated openly on the messaging service Telegram, providing a platform for various fraudulent activities.
However, this operation was abruptly shut down following increased scrutiny and a crackdown by Telegram, which banned thousands of accounts associated with the marketplace. The action was prompted by an inquiry from a team of crypto crime researchers at the firm Elliptic, which highlighted the vast network of illicit transactions occurring within Haowang Guarantee.
In a recent announcement, the marketplace declared it would cease operations after Telegram’s broad account bans on May 13, 2025. This decision was underscored by a public message from Haowang Guarantee, which noted, “Telegram blocked all of our NFT, Channels and group… Thank you for your attention.”
Haowang Guarantee, despite its rebranding from its original name, Huione Guarantee, was still under the ownership of the Huione Group and continued to facilitate a range of criminal services for crypto scammers via Telegram. These services included money laundering, selling stolen data, and providing tools for various scams and illegal activities.
Telegram’s decisive actions against Haowang Guarantee seem to have been bolstered by recent findings from Elliptic, which reported that this marketplace had enabled an immense volume of unlawful transactions, primarily involving the cryptocurrency Tether. Elliptic’s data showed that not only had Huione Guarantee facilitated staggering amounts of money laundering, but it was also tied to other nefarious operations across East Asia.
In addition to the downfall of Haowang, another Telegram-based marketplace, Xinbi Guarantee, also faced bans in response to similar allegations concerning money laundering and the exchange of stolen data. Tom Robinson, cofounder of Elliptic, hailed the shutdown of Haowang Guarantee as a landmark victory against online criminal marketplaces, suggesting it would significantly disrupt the ongoing scam epidemic.
Telegram confirmed in a statement that communities connected to these illicit activities would be removed as per their terms of service. Further complicating matters for Haowang, the U.S. Treasury’s Financial Crimes Enforcement Network planned to list the parent company Huione Group among known money laundering operations, potentially curtailing its access to U.S. financial systems.
Despite the setbacks, there are indications that some operations might attempt to revive themselves elsewhere. Elliptic suggests that operators from Haowang Guarantee may be looking to establish their activities on similar platforms or even decentralized networks to evade future enforcement actions.
The marketplace’s ties to high-profile figures in Cambodia, such as those related to the ruling family, further complicate the landscape of cryptocurrency crimes, suggesting that shutting one operation down does not eliminate the broader risks associated with this industry. As enforcement evolves, the ongoing cat-and-mouse game between illicit marketplaces and regulatory efforts will continue to shape the future of online crime.
