Telegram Shuts Down Two Massive Digital Black Markets Tied to Cybercrime
In a significant blow to global cybercrime operations, Telegram has removed two sprawling digital black markets—Xinbi Guarantee and Huione Guarantee—from its platform, the company confirmed Thursday.
The two Chinese-language marketplaces, long suspected of enabling cybercriminals and scammers, were no longer active as of Thursday. Telegram provided limited comment but reiterated its stance against illegal activities. In a message to Reuters, a spokesperson said, "Criminal activities like scamming or money laundering are forbidden by Telegram's terms of service and are always removed whenever discovered."
A $35 Billion Underworld Economy
According to blockchain analytics firm Elliptic, Xinbi and Huione Guarantee had processed over $35 billion in transactions since 2021—far surpassing the volumes seen in older darknet markets such as Silk Road. These platforms had become hubs for stolen data, illicit financial services, and fraudulent telecom infrastructure.
"This is a big blow for online fraudsters, who relied on these markets for stolen data, money laundering services, and telecoms infrastructure," Elliptic said in a statement.
Huione Confirms Shutdown
In a brief English-language update on its website, Huione Guarantee, which had previously rebranded as “Haowang Guarantee,” confirmed that it had been blocked by Telegram on Tuesday and would “cease operations from now on.”
Huione did not respond to requests for further comment, and contact information for Xinbi Guarantee remains unavailable.
Ties to North Korea and U.S. Sanctions
Huione Guarantee is a subsidiary of Cambodia-based Huione Group, which also operates Huione Pay and Huione Crypto. In 2023, Reuters reported that Huione Pay had received over $150,000 in cryptocurrency from a wallet linked to North Korea’s Lazarus hacking group.
This revelation led to U.S. authorities taking action. Just weeks ago, the U.S. Treasury barred the Huione Group from accessing the U.S. financial system. Treasury Secretary Scott Bessent described the organization as the "marketplace of choice for malicious cyber actors."
Telegram's Ongoing Moderation Battle
The takedown of these two markets highlights Telegram’s evolving role in combating cybercrime. While the platform has long been criticized for its hands-off approach to moderation, this high-profile purge shows a willingness to enforce its policies—at least when operations become too large or politically sensitive to ignore.
As digital black markets increasingly migrate from dark web forums to mainstream messaging apps, platforms like Telegram face mounting pressure to police their networks more proactively.
Source https://money.usnews.com
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