Telegram has recently taken down the illicit marketplace known as Haowang Guarantee, previously known as Huione Guarantee. This marketplace facilitated transactions totaling over $27 billion in stablecoins since 2021.
The shutdown of Haowang was initiated based on information provided by blockchain analytics firm Elliptic on Tuesday.
This action occurred in the midst of a crackdown on numerous suspected Chinese crypto-crime channels operating on Telegram, following Elliptic’s investigation into marketplace Xinbi Guarantee.
Both Huione and Xinbi have now been shut down by Telegram, as Elliptic reported that they processed a combined $35 billion of illicit transactions in stablecoins in a web post on Wednesday.
“Based on our analysis, Huione Guarantee has facilitated transactions totaling more than $27 billion since its launch in 2021, making it the largest illicit online marketplace to have ever operated,” according to Elliptic.
Xinbi was the second largest, processing transactions worth $8.4 billion since 2022, as stated by Elliptic.
To put it into perspective, well-known “dark web” marketplaces like the Silk Road and Alphabay processed $216 million and $639 million respectively.
These marketplaces typically operated on the anonymous browser Tor in the past, but have now transitioned to platforms like Telegram, a messaging app with over a billion users.
Huione and Xinbi are categorized as “guarantee” marketplaces, which are platforms that do not directly sell goods and services but provide a space for merchants to conduct transactions with customers.
For further details: 1 in 5 Cross-Chain Crypto Investigations Involve More Than 10 Blockchains, Elliptic Finds