Telegram has taken down Haowang Guarantee, a massive Chinese-language darknet market linked to more than $27 billion in illegal crypto transactions.
Previously known as Huione Guarantee, Haowang announced on its official website that it is shutting down all operations. This came after Telegram removed thousands of related groups, channels, and NFTs on May 13, effectively disabling the platform’s ability to function. According to a report from The Wire, Telegram acted in response to earlier investigations by Wired and blockchain analytics firm Elliptic, which exposed the platform’s deep involvement in crypto scams, cybercrime, and money laundering.
Telegram spokesperson Remi Vaughn confirmed that the platform removed all communities flagged by these investigations. He emphasized that activities such as scamming and money laundering violate Telegram’s terms of service and are always taken down when discovered.
Elliptic described Haowang Guarantee as the largest darknet market to ever exist. It was a central hub for criminal vendors supporting various online fraud schemes. Services offered included laundering money, selling stolen identity data, providing tools for crypto scams such as pig butchering, using deepfake technology, and even supplying physical restraints allegedly used in scam compounds in Southeast Asia.
Investigative reports have also linked the group to Cambodia’s political elite. One of its directors, Hun To, is reportedly a cousin of Prime Minister Hun Manet. Although no formal charges have been filed, Hun To has been tied to past allegations of heroin trafficking and illegal money operations.
Elliptic estimates that Haowang Guarantee facilitated $27 billion in illegal activity, mostly using the stablecoin Tether (USDT). The platform was a one-stop shop for criminals looking to launder money, buy stolen personal data, or acquire telecom equipment for use in scam call centers.
Tom Robinson, co-founder of Elliptic, called the platform’s takedown a major victory. He said the shutdown would significantly disrupt global online scam networks, describing Haowang as a key player in the spread of online fraud around the world.
In a related move, the U. S. Treasury’s Financial Crimes Enforcement Network (FinCEN) recently proposed disconnecting Huione Group, Haowang’s parent company, from the U. S. financial system. According to FinCEN, the group processed at least $4 billion in illegal funds between August 2021 and January 2025.
Elliptic's deeper analysis revealed that crypto wallets tied to Huione Group have moved more than $98 billion overall, showing the vast scale of their operations.
Although Haowang’s closure is a major setback for cybercriminals, the darknet ecosystem remains active. A new platform called Xinbi Guarantee has already emerged as a replacement, offering many of the same illegal services. So far, wallets linked to Xinbi have processed $8.4 billion in crypto, but experts believe the actual number is likely much higher, since only known transactions and wallets were counted.
