Haowang Guarantee, formerly Huione Guarantee, has officially shut down after Telegram removed thousands of accounts connected to the platform.
According to Wired’s report on May 13, the messaging service blocked its groups, channels, and other content, which prompted the Chinese darknet marketplace to post a closure notice stating it would no longer operate.
Telegram explained that the accounts were linked to fraud and money laundering, activities that violate the app’s terms. A spokesperson said that groups reported in public investigations, including those from Wired and blockchain firm Elliptic, were taken down.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is a Bitcoin & How Does it work? (Animated Explainer)
Haowang Guarantee operated mainly in Chinese and served as a central place for crypto scams and other illegal services. According to Elliptic, it handled about $27 billion in questionable crypto transfers, which mostly used the stablecoin Tether
$0.9956
.
The marketplace offered services that supported laundering money, selling stolen identity information, providing deepfake tools and forged IDs, and selling equipment used in scam call centers across Southeast Asia.
Tom Robinson, a co-founder of Elliptic, said:
It’s a game-changer in terms of overall online criminal markets, and it’s huge for victims of online fraud.
He added that Haowang Guarantee made it easier for fraud to spread, and its closure may make it harder for scammers to continue their activities.
On May 13, Elliptic linked Xinbi Guarantee, a Telegram-based marketplace operated in Chinese, to over $8 billion in crypto transactions. What did the company say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
![[LIVE] Latest Crypto News, August 8 – Rally as Trump Approves 401(k) Crypto Investments, ETH Breaks $3,900: Next Crypto To Explode?](https://99bitcoins.com/wp-content/uploads/2025/08/IMG_0834-scaled.png "[LIVE] Latest Crypto News, August 8 – Rally as Trump Approves 401(k) Crypto Investments, ETH Breaks $3,900: Next Crypto To Explode?")
