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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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.

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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.

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Southeast Asia Becomes Crypto Crime Hotspot

One case highlighted is Huione Guarantee (now rebranded as Haowang), a Chinese-language platform operating out of Phnom Penh, Cambodia. Over the past four years, it has facilitated over $24 billion in crypto linked to fraud and scam operations, growing to over 970,000 users.

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

The platform has launched its own crypto exchange, blockchain (Xone Chain), online gambling services, and even a US dollar-backed stablecoin aimed at bypassing government oversight. In February 2025, the group unveiled a Huione Visa card.

Billions Of Dollars Laundered Through Custom Coins And Exchanges!

The report warns that criminal groups in Myanmar, Laos, and Cambodia are industrializing cybercrime with AI, blockchain, and stablecoins, executing phishing, fake investments, and romance scams — collectively known as pig butchering — on a massive scale.

Recent crackdowns in Hong Kong, Nigeria, and other countries have led to hundreds of arrests. In October 2024, 27 people were arrested in Hong Kong for running a deepfake-powered crypto scam worth $46 million. In December, 792 suspects were caught in Lagos, Nigeria.

The UN warns these groups are leveraging their own stablecoins and private exchanges to circumvent AML laws and move funds freely across borders. The threat is growing beyond Asia — into Africa, South America, and the Pacific.

Governments are urged to close loopholes and prepare for this expanding form of financial crime.

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A CFTC announcement states that the American Bankers Association Foundation, a “private regulator,” and other federal agencies are collaborating with the OCEO to design and distribute an infographic helping viewers identify and avoid “pig butchering” schemes. The OCEO is also working with other groups, including the Office of Investor Education and Advocacy of the U.S. Security and Exchange Commission, to create an investor alert concerning pig slaughtering frauds.

“Partnering with federal and state regulators as well as consumer protection groups and other organizations helps spread the CFTC’s customer education message and hopefully reaches people before they can get scammed. These partnerships focus on a relationship confidence fraud the perpetrators commonly refer to as ‘pig butchering,’ that is estimated to cost Americans billions each year,” said Melanie Devoe, Director of Customer Education and Outreach.

In the past year, pig butchering frauds have progressively supplanted Ponzi schemes as thieves seek more focused targets to maximize benefits.

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