The world’s largest crypto-crime network collapses after telegram crackdown
Haowang Suberice, one of the world’s largest illegal crypto markets, has ceased operations after major law enforcement actions taken via telegram. The news comes after Haowang’s NFT, groups and thousands of related channels were blocked on May 13, effectively demolishing its infrastructure.
According to district analysis company Elliptic, Haowang has promoted various illegal services mainly through telegram operations, including money laundering, personal data trafficking and technical tools for online crime.
Link to Huione Group and a broader survey
Elliptic, which has previously tagged the Hoowang business, confirmed in its updated report that the market has processed more than $27 billion in transactions, mainly through USDT Stablecoin, making it the largest known illegal crypto market to date.
Telegram’s action is a response to censorship of blockchain analysts and law enforcement officers, who are increasingly focused on curbing crimes that support cryptocurrencies through messaging platforms. The platform’s links to Southeast Asia’s cybercrime networks, especially those involving crypto scammers, position it as a core player in the region’s illegal financial processes.
Meanwhile, despite Haowang’s rename from his former identity as a guaranteed Huione, U.S. authorities still link it to the Cambodia-based Huione group. The Ministry of Finance’s Financial Crime Enforcement Network (FINCEN) recently filed sanctions against Huione, accusing it of planning “money laundering companies” through its corporate network.
These include Haowang, Payments processor Huione Pay and Crypto Exchange Huione Crypto. According to Fincen, the group allegedly has more than $4 billion in illegal funds, some of which have been traced back to North Korean cybercrime operations.
A key component of the illegal transaction flow is USDH, a Stablecoin issued by Huione Group. Elliptic’s report notes that such Stablecoin plays a crucial role in evading sanctions and enabling large-scale transfers that are difficult to track through traditional regulatory channels.
It is worth noting that the use of stable people in money laundering operations has attracted renewed attention from international regulators as they try to impose stricter controls on digital asset transactions. For Haowang, USDH is the primary medium of exchange, promoting services from fraudulent financial operations to sales of personal data.
Further damage and ongoing surveillance
Telegram’s actions have also expanded to other similar platforms, including Xinbi Guarantee, which allegedly provides illegal services such as money laundering, intimidation and even human trafficking.
The closure of Xinbi and Haowang, described by the Oval, “severely wreaks down”, two largest illegal markets escrowed on the Telegram, both of which handled a total of more than $35 billion in USDT transactions.
Despite these setbacks, Oval analysts noted that Howan and Xinbi reportedly tried to rebuild the network and worked to rebuild their presence on the telegram.
Elliptic continues to monitor more than 30 other platforms that reflect Hoowang’s operating models. As law enforcement agencies and private companies tighten surveillance on crypto-based criminal networks, Haowang’s collapse marks an important development in a broader effort to curb financial misconduct in the digital asset space.
The case also strengthens the growing role of platforms such as telegraph in enabling or curbing the use of illegal activities as international regulators drive greater sense of responsibility in the financial ecosystem.
Feature images created using Dalll-E, TradingView’s chart
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