Telegram-Based Crypto Black Market Haowang Guarantee Shut Down After $27B Illicit Activity

Haowang Guarantee, a Telegram-based black market facilitating over $27 billion in crypto-powered illicit transactions, has been abruptly shut down. The platform’s channels and groups were blocked by Telegram on May 13 following investigative pressure.

The crackdown was triggered by findings from blockchain analytics firm Elliptic, which identified Haowang Guarantee and a smaller counterpart, Xinbi, as hubs for illegal activity. WIRED’s inquiry into the operations prompted Telegram to ban thousands of associated accounts in a sweeping purge.

This takedown underscores the growing scrutiny of crypto-enabled black markets, particularly those leveraging encrypted messaging platforms. The scale of Haowang’s operations—$27 billion in processed transactions—highlights both the challenges and progress in combating crypto-related financial crime.