Over the years, The Chinese language market for crypto scammers and money launderers (by some measures, the largest black market ever), facilitates tens of thousands of illegal financing in the sight of the messaging service Telegraph. Now, it has disappeared due to a review of a crypto crime researcher and the Telegram Ban Hammer.
Haowang Guarantee is a crypto-driven crime fair that is better known by its original name Huione Sublice. The move was in response to Monday’s telegraph action to ban thousands of accounts and usernames, the infrastructure for third-party vendors to shine, many of whom provided money laundering and other services to the emerging industry of East Asian crypto scammers.
“On May 13, 2025, the telegram was blocked by all our NFTs, channels and groups, and Haowang Granantee will stop operating,” the company wrote on its website. “Thank you for your attention.”
Before the sudden closure, Haowang assured (although its rebrand is still partly owned by Huione Assurance and its Cambodia-based parent company Huione Group), HAD allows third-party suppliers to “guaranteed” transactions through telecommunications, using deposit and custody systems. Huione Guarantee Merchants primarily offered money laundering via the cryptocurrency Tether, but they also sold other components of the crypto scam industry ranged from potential victim data for targeting, telecommunications infrastructure, deepfake software, and even GPS-enabled collars and electric batons used to enslave workers in the scam compounds that have spread across Myanmar, Cambodia, and the Philippines.
Telegraph’s sudden ban on market accounts appears to have been stimulated by Wired’s inquiries about Telegraph late last week, spurring new findings from researchers about cryptocurrency tracking company Elliptic. Since July last year, Elliptic has highlighted a large amount of money laundering and other illegal transactions and later Haowang assurances. Through Oval Accounting, in a January report, the market and its rebranding facilitated over $24 billion in total transactions, which would become the largest single black market operation in internet history to date. According to the elliptical, the number has jumped to $27 billion.
Elliptic’s latest discovery involves a second telegraph-based market, Xinbi Sublice, which offers a similar third-party transaction model that since 2022, researchers say includes not only money laundering by fraudsters, but also sneaky data, as well as harassment and obvious sexual trafficking. When Wired asked Telegram about the oval discovery about both markets, the company responded with a widespread ban on Xinbi guarantees and Haowang guaranteed accounts.
“It’s a huge win. The largest Darknet market of all time has been closed,” said Elliptic’s co-founder Tom Robinson. “It’s a game-changer in terms of the overall online crime market, and it’s huge for victims of online fraud. This market is a key driver of the global scam epidemic and I think that will make online scammers’ ability to do what they do really get into trouble.”
