In a significant move against cybercrime, Telegram has dismantled Haowang Guarantee, a massive crypto-fueled black market that facilitated over $27 billion in illicit transactions. The shutdown follows investigative reports by blockchain analytics firm Elliptic and inquiries from WIRED, leading to the banning of thousands of associated accounts on May 13, 2025.
What Was Haowang Guarantee?
Formerly known as Huione Guarantee, Haowang operated primarily in Chinese via Telegram, serving as a hub for cybercriminals across Southeast Asia. The platform offered services including money laundering through Tether (USDT), sale of stolen data, deepfake software, and tools used in scam compounds in countries like Myanmar, Cambodia, and the Philippines. Vendors utilized an escrow system to “guarantee” transactions, making it a go-to marketplace for illicit activities.
The Takedown
The closure was precipitated by Telegram’s enforcement actions, which were influenced by Elliptic’s findings and WIRED’s inquiries. A Telegram spokesperson confirmed the removal of communities highlighted in these reports, stating that criminal activities like scamming or money laundering are forbidden by Telegram’s terms of service and are always removed when discovered.
Haowang Guarantee announced its shutdown in a brief statement on its website, citing the blocking of its NFTs, channels, and groups by Telegram.
Implications and Future Outlook
While the takedown of Haowang Guarantee is a significant victory against cybercrime, experts warn of potential resurgence through alternative platforms. Elliptic reports that similar marketplaces like Xinbi Guarantee and Tudou Guarantee, linked to Haowang’s operators, are attempting to fill the void. The effectiveness of future enforcement will depend on continued vigilance by platforms like Telegram and regulatory bodies.
Conclusion
The dismantling of Haowang Guarantee marks a critical step in combating crypto-related cybercrime. However, the evolving nature of such illicit networks necessitates ongoing efforts to monitor and shut down emerging threats.
