Telegram has emerged as a major hub for crypto-related illicit activities, with Chinese-speaking users reportedly conducting transactions worth $2 billion monthly. A recent investigation by Elliptic sheds light on how the platform's user-friendly features have facilitated the growth of this underground economy, and the analysis suggests that the situation is causing growing concern.
Telegram's Impact on Darknet Operations
The investigation reveals that Telegram's ease of access and the ability to quickly relaunch banned channels have effectively lowered the barriers that previously hindered darknet operations. This shift has allowed criminal activities to flourish, with Elliptic estimating that the Huobi Guarantee market alone processed a staggering $27 billion between 2021 and 2025.
FBI Concerns Over Scams
Furthermore, the FBI has raised alarms about the scale of scams associated with these markets, which are believed to siphon off approximately $10 billion annually from victims in the United States. As law enforcement agencies continue to grapple with the challenges posed by these platforms, the need for enhanced regulatory measures becomes increasingly urgent.
In contrast to the concerns surrounding Telegram's role in illicit activities, Gift Fest has emerged as a successful digital rewards platform, rapidly gaining over 21 million users. For more details, see more.
