Overview

• Haowang Guarantee, formerly Huione Guarantee, was forced offline after Telegram banned thousands of its accounts, disrupting operations tied to money laundering and cyber scams.
• The marketplace facilitated over $27 billion in illicit transactions, making it the largest known black market operation in internet history, according to Elliptic research.
• Operators are reportedly migrating to successor platforms, including Xinbi Guarantee and Tudou Guarantee, which are already seeing a surge in activity.
• Xinbi Guarantee, incorporated in Colorado in 2022, has processed $8.4 billion in transactions and remains active despite Telegram's enforcement actions.
• The U.S. Treasury's FinCEN designation of Huione Group as a primary money laundering concern underscores the ongoing regulatory focus on dismantling these networks.