According to Elliptic, Haowang had facilitated over $27 billion in transactions using stablecoins since its launch in 2021. It operated as a “guarantee” marketplace — meaning it didn’t sell goods directly but provided a platform for sellers and buyers to trade, often illegally.
Telegram’s action is part of a wider cleanup targeting crypto-crime channels, many of which are suspected to be operated by groups based in China. This follows Elliptic’s earlier report on another illicit platform, Xinbi Guarantee, which has also been taken down. Xinbi processed about $8.4 billion in transactions since 2022.
Combined, Huione and Xinbi moved around $35 billion in illegal funds — far more than notorious dark web markets like Silk Road and Alphabay, which processed $216 million and $639 million respectively.
Elliptic noted that these types of marketplaces have shifted from operating on the dark web using tools like Tor to more accessible platforms like Telegram, which has over a billion users globally.
By shutting down these massive networks, Telegram has taken a big step in the fight against cybercrime, helping authorities disrupt the growing misuse of crypto assets online.
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Cybercrime in World