World’s largest illicit online marketplace Haowang shuts down after Telegram intervention

Haowang Guarantee, dubbed the "world's largest-ever illicit online marketplace," announced its closure earlier this week."Since all our NFTs, channels and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will cease operations from now on," the platform said in an announcement published Tuesday.Blockchain analytics firm Elliptic said in its updated Tuesday report that Telegram closed thousands of channels linked to Haowang, in response to its earlier research reporting the crime.Haowang Guarantee operated a Telegram-based marketplace where third-party vendors sold technology, personal data and money laundering services. It mainly served as a one-stop shop for Southeast Asian customers, including crypto scammers and other illicit online actors, according to Elliptic.Elliptic reported that the market had processed over $27 billion worth of USDT transactions, which made it the largest illegal online marketplace in history.Illicit transactions on the marketplace were further facilitated by USDH, a U.S. dollar stablecoin issued by "partner and shareholder" Huione Group. The stablecoin can allegedly evade sanctions imposed by traditional regulatory agencies.Although Haowang rebranded itself from its original name, Huione Guarantee, authorities viewed the marketplace as part of Cambodian financial conglomerate Huione Group.In a proposal to block Huione Group from accessing the U.S. financial system, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) said Huione operated a "money laundering enterprise" with its network of businesses that include Haowang, payments services platform Huione Pay and exchange Huione Crypto.According to FinCEN, Huione Group laundered at least $4 billion worth of illegal proceeds, a portion of which stemmed from North Korean cyber heists.Along with its actions on Haowang, Telegram also shut down accounts linked to Xinbi Guarantee, another platform that allegedly brokered money laundering and other illegal services such as intimidation-as-a-service and sex trafficking.Elliptic said this "severely disrupted" the two largest Telegram-based marketplaces, which have collectively processed over $35 billion worth of USDT transactions. The analytics firm added that it continues to track more than 30 platforms similar to Haowang.However, Wired, which first reported Haowang's closure, said that Haowang and Xinbi are making apparent efforts to revive its Telegram presence, citing Elliptic co-founder Tom Robinson.The Block has reached out to Telegram for further information on the matter.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.