In a significant move against cybercrime, Telegram has dismantled two major Chinese-language black market platforms—Haowang Guarantee (formerly Huione Guarantee) and Xinbi Guarantee—which collectively facilitated over $35 billion in illicit transactions since 2021. These platforms were hubs for activities such as money laundering, data theft, and online scams, operating openly on Telegram’s messaging service.
Haowang Guarantee: The Largest Illicit Online Marketplace
Haowang Guarantee, rebranded from Huione Guarantee, was a vast digital marketplace that enabled third-party vendors to offer services like money laundering, stolen data sales, and tools for online scams. Operating primarily through Telegram, it processed over $27 billion in transactions, making it the largest illicit online marketplace to date.
The platform was linked to the Cambodia-based Huione Group, which also owns Huione Pay and Huione Crypto. The U.S. Treasury recently designated the Huione Group as a “primary money laundering concern,” citing its role in facilitating illicit financial activities, including transactions with North Korean hacking groups.
Xinbi Guarantee: A Colorado-Registered Crime Hub
Xinbi Guarantee, another major player, facilitated approximately $8.4 billion in illicit transactions since its inception in 2022. Despite being registered in Colorado, USA, Xinbi operated as a Chinese-language platform offering services such as cryptocurrency laundering, stolen data sales, and even human trafficking. The platform’s registration in the U.S. raised concerns about regulatory oversight and the exploitation of legal loopholes.
Telegram’s Crackdown and Global Implications
Telegram’s action to shut down these platforms was prompted by investigations from blockchain analytics firm Elliptic and media inquiries. The company banned thousands of accounts associated with Haowang and Xinbi, disrupting a significant portion of the global cybercrime infrastructure.
This move aligns with broader efforts by international authorities to combat online fraud and cybercrime. The U.S. Treasury’s designation of the Huione Group and the subsequent shutdown of these marketplaces represent a coordinated approach to dismantling illicit financial networks. C
Challenges Ahead: The Resilience of Cybercriminal Networks
Despite these successes, experts warn that the operators behind Haowang and Xinbi may attempt to reestablish their activities on other platforms or under different guises. The profitability of such operations makes them resilient to shutdowns. Continuous monitoring and international cooperation are essential to prevent the resurgence of similar illicit marketplaces.
Impact on Southeast Asia and Indian Nationals
The shutdown of these platforms also sheds light on the broader issue of cyber scam centers in Southeast Asia. Countries like Cambodia, Laos, and Myanmar have become hotspots for such activities, often involving the trafficking of individuals under the guise of employment opportunities. India’s Ministry of External Affairs reported that at least 2,900 Indian citizens have been rescued from such scam centers, highlighting the human cost of these cybercriminal operations. Hindustan Times
