In a nutshell
- Telegram pulled the plug on Haowang Guarantee, an infamous dark web marketplace, on May 13, forcing the platform to shut down.
- Haowang facilitated cybercriminals to trade stolen data, fake IDs, and scam tools, leading to the laundering of over $27 billion.
- Following Haowang's downfall, key players appear to be regrouping under new platforms like Xinbi and Tudou Guarantee.
It's over, but is it really?
Cryptocurrency Crime Syndicate's Operations Discontinued on Telegram Platform
Telegram has taken down the most prominent crypto-fueled black market to date, dismantling a network that helped launder billions across Asia's cybercrime economy. The removal of Haowang Guarantee (formerly Huione Guarantee) came on May 13, following investigations that linked the platform to laundering and scam-related activity.
A statement on Haowang's website read, "All of our NFT, Channels, and groups on Telegrame have been blocked... Haowang Guarantee will cease operation from now." Blockchain analytics firm Elliptic, who had been tracking Haowang since mid-2023, reported that vendors peddling laundered coins, stolen data, fake IDs, and online scam tools operated within the platform.
Telegram confirmed the removal of communities mentioned in Elliptic's findings. The company has a policy against laundering and scam-related activities. Elliptic co-founder Tom Robinson hailed the takedown as a "major blow" to the infrastructure supporting industrialized cyber fraud.
Following Haowang's collapse, it's not surprising to see the ecosystem adapting. Elliptic's latest report shows that another Telegram-based marketplace, Xinbi Guarantee, remains active, having processed at least $8.4 billion in shady funds. Some of its vendors openly advertise laundering funds from "pig butchering" scams, targeting victims in the West.
Elliptic also traced funds from the notorious $235 million WazirX hack, attributed to North Korea's Lazarus Group, directly to wallets linked to Xinbi and Huione. The firm suggests that Haowang's operators might have pivoted to a new black market brand – Tudou Guarantee, a platform that has seen a sudden spike in users.
Despite the disruption, concerns remain. The resilience and adaptability of these illicit marketplaces could mean more trouble down the line, with successor platforms stepping up to fill the void left by Haowang and Xinbi.
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- Although Haowang Guarantee has been taken down by Telegram, its successor platforms like Xinbi and Tudou Guarantee are still active, indicating an ongoing issue in the crypto-fueled black market scene.
- The CEO of Xinbi Guarantee was recently caught advertising the laundering of funds from "pig butchering" scams, suggesting that the methods and crimes facilitated by these platforms remains similar.
- In the general-news sector, it has been reported that funds from the WazirX hack, linked to North Korea's Lazarus Group, were traced to wallets connected to Xinbi and Huione, raising concerns about the involvement of cybersecurity threats in these operations.
- The downfall of Haowang Guarantee and the potential pivot of its operators to Tudou Guarantee highlights the need for enhanced cybersecurity measures to combat these Stablecoin-based activities and prevent further crimes and justice issues in the crypto market.
- As new Telegram-based marketplaces emerge, technology and blockchain experts warn of potential ICOs and NFTs being used as covers for illegal activities, making it crucial for investors to stay informed and vigilant in these areas.
