Telegram takes black markets offline worth $35bn
Telegram has closed two major black markets: Xinbi Guarantee and Huione Guarantee. Together, these platforms accounted for more than $35 billion in illicit revenue as of 2021. The closure cuts off fraudsters from crucial sources such as stolen data and money laundering services estimated to have generated more than $35 billion in criminal money since 2021.
According to Elliptic, a blockchain analysis company, these Chinese platforms even surpassed the infamous Silk Road, an illegal drug market busted by the FBI in 2013. Huione Guarantee confirmed its permanent closure after Telegram intervened.
The closure is a major setback for online fraudsters, who now no longer have access to stolen data, money laundering services and telecom infrastructure. The action follows a US Treasury Department decision to bar Huione Group, the parent company of Huione Guarantee, from the US financial system for money laundering.
Secretary of State Scott Bessent accused the group of supporting criminal networks that stole billions of dollars from Americans. For example, Huione allegedly laundered $37 million in crypto for North Korean hackers and $36 million from ‘pig butchering’ scams where unsuspecting investors are persuaded to buy bogus crypto assets.
While Telegram’s decision may not be directly related to the US measures, it fits into a broader crackdown on cryptocurrency. Previously, the platform blocked thousands of accounts involved in money laundering, leading to questions about Telegram’s role as a haven for illegal trading.
Elliptic highlighted Telegram’s vast reach, connecting criminal markets to billions of users. Previous attempts to remove Huione Guarantee failed due to backup systems, but now the market appears to be offline for good. Telegram claims it removed the platforms because of violations of its terms and conditions, which prohibit criminal activity.
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