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.  

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Telegram Shuts Down $27B Haowang Crypto Black Market! appeared first on Coin Engineer.

In a rule proposal released on May 1, the Treasury’s Financial Crimes Enforcement Network (FinCEN) urged US banks to terminate correspondent and payable-through account services for Huione.

Deputy Treasury Secretary Scott Bessent described Huione as the “marketplace of choice for malicious cyber actors,” accusing it of aiding the theft of billions from ordinary Americans.

$4B Laundered, USDH Highlighted

According to FinCEN, Huione laundered over $4 billion in illicit funds between August 2021 and January 2025, including at least $36 million from crypto “pig butchering scams” and $37 million directly linked to North Korean cyberattacks.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Its online service Haowang Guarantee has turned Huione into a one-stop crypto laundering hub, offering illegal goods and converting crypto to fiat currency.

FinCEN also flagged Huione’s stablecoin, the USDH (US dollar Huione), for its unfreezeable nature, which allegedly supports laundering operations.

Indirect US Bank Access and Regulatory Action

While Huione doesn’t hold direct accounts with US banks, FinCEN revealed it maintains accounts with foreign intermediaries that do, giving it indirect access to the US financial system.

The National Bank of Cambodia revoked Huione’s local banking license in March 2025, citing digital asset violations.

The proposed rule will undergo a 30-day public comment period before potentially being finalized.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post US Treasury Moves to Cut Off Huione Group Over Crypto Crime Ties appeared first on Coin Engineer.