Telegram executed a mass cleanup, shutting down Haowang Guarantee, the largest darknet marketplace linked to crypto scams.
Closure of Haowang Guarantee
On May 13, Telegram shut down thousands of accounts associated with *Haowang Guarantee*, previously known as *Huione Guarantee*. This Chinese-language black market processed over $27 billion in illicit transactions, primarily using Tether. Haowang wasn't selling drugs; it was a one-stop shop for crypto scammers, featuring stolen IDs and money laundering services. Following the purge, Haowang posted a farewell message on its website confirming its closure.
Telegram's Role in Combatting Crypto Scams
Previously, Telegram was not aggressive towards crypto schemes, but under pressure from journalists and organizations like *Elliptic*, it acted quickly. According to Telegram spokesperson Remi Vaughn, all groups flagged by *Wired* or *Elliptic* were deleted. He stated that criminal activity, including money laundering and scamming, violates Telegram's rules and will be removed. In addition to Haowang, Telegram also targeted *Xinbi Guarantee*, which was linked to large illegal crypto deals.
Future of Dark Markets on Telegram
While Haowang's downfall is significant, it's not the end. *Xinbi Guarantee* is already attempting to make a comeback. Another market, *Tudou Guarantee*, is rapidly gaining users. Experts warn that this is a cat-and-mouse game: criminal groups will move to new platforms if Telegram becomes too strict. Despite this success, the criminal market is decentralized and ruthless, so Telegram will need to maintain vigilant efforts to keep control.
The shutdown of Haowang is an important step in the fight against crypto scams, but it's just the beginning. Black markets will evolve, and tackling them will require constant attention.
