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World’s Largest Black Market Shut Down By Telegram With Over $35Bn In USDT TXs

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Haowang’s guarantee, a black market platform nicknamed the “largest illegal online market in the world”, has announced that it is giving in all operations.

The online market announced on May 13: “Since all our NFTs, channels and groups have been blocked by Telegram on May 13, 2025, Haowang’s guarantee will cease operations now on.”

Thousands of channels and telegrams account connected to the Haowang guarantee closed in recent weeks

The Ellyptic Reliability Blockchain company has published a report on the same day on which Haowang announced its closure, stating that Telegram had closed thousands of channels related to the black market company, following its previous research on the market.

Before his closure, Haowang’s guarantee managed a market based on telegrams in which third -party sellers sold technical services, personal data and money laundering services. It was mainly used in the South -East Asia and was wildly popular among cryptographic scammers and other shady online actors, according to the elliptical relationship.

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Elliptic reported that the market had developed over $ 35 billion in USDT transactions, which made it the largest illegal online market in recorded history.

Illegal transactions on the market have also been completed using USDH. USDH is a stablecoin supported in US dollars issued by the Huione group “partner and shareholder”. It is said that Stablecoin allows users to evade the penalties imposed by traditional regulatory agencies.

Although Haowang has renamed his original name, Huione Guarant, says Elliptical that the authorities considered the market as part of the Cambodian financial conglomerate group.

Smaller Xinbi platform also closed due to the telegram account closings: Haowang who traces a return

The network of application of the financial crimes of the United States Treasury Department (Fincen) had taken measures to block the HUIONE group to access its financial system after saying that Huione managed a “money recycling company” with its network of companies that include Haowang, HUIONE PAY and web3 Exchange Huione Crypto Web3 Payment Services.

According to Fincen Research, the Huione Group recycled about $ 4 billion of illegal proceeds, a part of which it derived from NorthCorean cryptocurrency robberies such as The Bybit Hack at the beginning of this year.

Together with his actions on Haowang, Telegram also closed the accounts connected to the Xinbi warranty. Xinbi has worked similarly to Haowang, illegal brokering as intimidation as a service and sex trafficking.

Elliptic said that this “seriously interrupted” the two largest telegram markets, which have collectively developed over 35 billion dollars of USDT transactions. The analysis company has declared in its report that it monitors over 30 platforms similar to Haowang.

The voices abound that Haowang is trying to revive the market with new brands and potentially through a different messaging platform than Telegram.

To date, Telegram has yet to make an official comment on social media on the closure of the accounts that led to Haowang and Xinbi to cease all the operations.

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Telegram closed thousands of accounts related to Haowang’s guarantee, an illegal online market

  • Haowang recorded $ 35 billion of transactions while selling stolen data and illegal goods

  • Even a smaller black market company, Xinbi, has been captured in the crossed fire and ceased the operations

  • It is assumed that Haowang is planning a return with a different name

The largest black market in the post World closed by Telegram with over $ 35 billion in TXS USDT has appeared first out of 99 bitcoins.

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