Telegram has taken decisive action to combat illegal activities on its platform by shutting down thousands of accounts linked to two major black – market networks, Xin Bi Guarantee and Hao Wang Guarantee. These networks, which operated through Telegram – based marketplaces, facilitated over $35 billion in stablecoin transactions.
Details of the Shut – Down
Hao Wang Guarantee: Hao Wang Guarantee, which was a digital bazaar for illicit services, confirmed on May 13 that it would cease operations after its NFTs, groups, and channels were removed from Telegram. It mainly served clients in Southeast Asia, including crypto scammers, and processed over $27 billion in stablecoin transactions, making it the largest illicit crypto marketplace. The US – backed stablecoin US – DH, linked to the Cambodian – based Hui One Group, was a key facilitator of its transactions. The Hui One Group has been accused of using its crypto products to evade global sanctions and regulatory checks, and the US authorities have taken steps to block it from the American financial system.
Xin Bi Guarantee: Telegram also dismantled Xin Bi Guarantee, a platform equally notorious for offering money – laundering services and more extreme illegal activities such as intimidation and sex trafficking. It handled $8.4 billion in USDT transactions and had links to North Korea.
Operators’ Plans for a Comeback
Despite the shutdown, the operators of these illicit marketplaces show no sign of giving up. Tom Robinson, the co – founder of Elliptic, a blockchain – analysis firm, said that these platforms are so profitable that they are unlikely to be abandoned completely. For example, the Hao Wang Guarantee operators seem to be directing users to Tudou Guarantee, a platform with apparent ties to the Hui One Group. Meanwhile, the Xin Bi Guarantee team is reportedly trying to relaunch as “Xin Bi 2.0”.
Industry experts warn that although Telegram’s action is a significant blow to these illegal operations, it may not completely solve the problem. The operators may attempt to rebuild their businesses on other messaging platforms with less oversight or on decentralized platforms where it is more difficult to enforce bans.
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