Yeliz Akmaca 
Telegram blocked thousands of accounts linked to the Haowang Guarantee black market, which facilitated $27 billion in transactions. Blockchain analysis firm Elliptic exposed the platform’s criminal activities, prompting Telegram’s action.
How Did Telegram Shut Down Haowang Guarantee?
Telegram banned all Haowang Guarantee accounts, channels, and NFTs. The platform served scammers in Southeast Asia, processing $27 billion in Tether’s USDT. Elliptic’s July 2024 report triggered the operation. Haowang was notorious for money laundering and “pig butchering” scams. Despite signs of fraud and USDT laundering, its groups and channels operated on Telegram for years. Following a Wired investigation exposing the scale of P2P crypto fraud, Haowang lost its Telegram presence.
The platform stated, “As all our NFTs, channels, and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will cease operations.”
Xinbi Guarantee: A New Threat
Elliptic revealed that Telegram-based Xinbi Guarantee processed $8.4 billion in USDT transactions. Active since 2022, Xinbi saw $1 billion in inflows in 2024. Telegram also deleted Xinbi-linked accounts. However, criminal networks are shifting to new markets like Tudou Guarantee. Experts warn that these shutdowns may not fully resolve the issue. Elliptic’s co-founder Tom Robinson said, “This is a cat-and-mouse game. These are big mice,” noting that crime syndicates may move to new platforms or less-regulated messaging services.
What Is Telegram Doing Against Crypto Crime?
Telegram is proactively combating crypto crime, halting Haowang and Xinbi’s combined $35 billion transaction volume. Countries like Australia and Germany are also cracking down on similar platforms. Platform swiftly closes accounts violating its terms of service. However, experts caution that criminals may find new avenues.
Similarly, Australia blocked over 90 scam platforms, and Germany shut down eXch, linked to the Bybit attack. The fight against crypto crime is intensifying.
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