Haowang Guarantee Shuts Down After Telegram Crackdown Disrupts $27 Billion Illicit Marketplace

The illicit online marketplace Haowang Guarantee, once hailed as the largest of its kind, ceased operations this week following a significant intervention by Telegram. The platform, which facilitated a range of illegal activities including money laundering and data trading, processed over $27 billion in Tether (USDT) transactions, according to blockchain analytics firm Elliptic. The closure marks a critical blow to Southeast Asia’s underground economy, where Haowang served as a hub for crypto scammers and other illicit actors. Telegram’s decisive action to shut down thousands of related channels has disrupted a sprawling network of criminal enterprises.

Haowang Guarantee, previously known as Huione Guarantee, operated as a Telegram based marketplace that connected third-party vendors with buyers seeking illegal services. These services ranged from stolen personal data to advanced money laundering solutions, catering primarily to Southeast Asian clients. The platform’s announcement on Tuesday confirmed its closure, citing Telegram’s blocking of its NFTs, channels, and groups as the primary reason.

The marketplace’s financial backbone included USDH, a U.S. dollar stablecoin issued by Huione Group, a Cambodian financial conglomerate identified as Haowang’s partner and shareholder. This stablecoin reportedly enabled transactions that evaded traditional regulatory sanctions, amplifying the platform’s reach. The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has linked Huione Group to a broader money laundering enterprise, accusing it of handling at least $4 billion in illicit proceeds, including funds from North Korean cyber heists. Haowang’s integration with Huione’s ecosystem, including Huione Pay and Huione Crypto, underscores the sophisticated network behind its operations.

Wider Impact and Ongoing Challenges

Telegram’s crackdown extended beyond Haowang to include Xinbi Guarantee, another illicit marketplace implicated in money laundering, intimidation services, and sex trafficking. Elliptic reported that the two platforms collectively processed over $35 billion in USDT transactions, making their disruption a significant milestone in combating online crime. The analytics firm continues to monitor more than 30 similar platforms, indicating that the illicit marketplace ecosystem remains active despite these setbacks. Telegram’s actions have set a precedent for platform accountability, but the resilience of such networks poses ongoing challenges.

Despite the closure, efforts to revive Haowang and Xinbi’s Telegram presence have surfaced, according to Wired, which cited Elliptic co-founder Tom Robinson. These attempts suggest that the operators are not ready to relinquish their foothold in the illicit economy. The persistence of these platforms highlights the difficulty of eradicating Telegram based marketplaces that leverage decentralized cryptocurrencies for anonymity.