{"id":39578,"date":"2025-07-30T14:32:10","date_gmt":"2025-07-30T14:32:10","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=39578"},"modified":"2025-07-30T14:32:10","modified_gmt":"2025-07-30T14:32:10","slug":"telegram-bans-35b-scam-marketplace-only-to-see-illicit-crypto-trades-surge-elsewhere","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=39578","title":{"rendered":"Telegram Bans $35B Scam Marketplace. Only to See Illicit Crypto Trades Surge Elsewhere"},"content":{"rendered":"
\n

In a sweeping crackdown on the so\u2011called Telegram marketplace ecosystem, the messaging giant has banned Huione Guarantee<\/a> (also known as Haowang Guarantee) and Xinbi Guarantee, disrupting marketplaces that collectively processed more than $35\u202fbillion in USDT\u2011denominated transactions, according to a new report by TRM Labs<\/a>.<\/p>\n

These forums offered escrow and laundering services to cybercriminals and scam syndicates, including those operating pig\u2011butchering schemes.<\/p>\n

Telegram\u2019s move came in response to blockchain analytics firm Elliptic’s investigation<\/a>, which exposed the massive scale of Huione Guarantee: a Chinese\u2011language marketplace that had operated for years, facilitating fraud tools, stolen data, and illicit escrow services.<\/p>\n

Yet while the ban shuttered these major platforms and deleted thousands of channels and aliases, it did little to stifle overall ecosystem activity.<\/p>\n

Instead, according to the TRM Labs<\/a> report, transaction volume quickly shifted to Tudou Guarantee, a Telegram\u2011based platform in which Huione Group already held a stake. <\/p>\n

Huione Guarantee\u2019s volumes plunged by 50% from their 2024 peak, but Tudou saw a 70-fold increase in daily inflows, signaling a strategic migration of activity. Within days, Tudou\u2019s user base and daily USDT volume neared the levels previously handled by Huione Guarantee, the report said. <\/p>\n

Elliptic also identified more than 30 alternative guarantee platforms gaining traction in the wake of the purge, according to the report<\/a> in May.<\/p>\n

Xinbi Guarantee, banned the same day as Huione, rebounded quickly and saw a 90% surge in daily inflows after reappearing on Telegram under the same ID.<\/p>\n

U.S. crackdown increases<\/h2>\n

Meanwhile, U.S. regulators ramped up the offense on Huione. <\/p>\n

In early May, FinCEN issued a proposed Section\u202f311 rule<\/a> designating Huione Group a financial institution of primary money\u2011laundering concern. The rule cited at least $4\u202fbillion in illicit proceeds laundered from cyber heists, pig\u2011butchering fraud, and crypto scams between August 2021 and January 2025.<\/p>\n

U.S. authorities escalated enforcement, naming Huione Group a money-laundering threat and sanctioning affiliated wallets and vendors. Later that month, OFAC imposed sanctions on Funnull Technology and two crypto wallets linked to Huione Group for facilitating pig\u2011butchering scams<\/a> resulting in over $200\u202fmillion in losses.<\/p>\n

Despite the dismantling of its most visible back\u2011end, Huione Pay, the Group\u2019s Cambodia\u2011based payment service provider, continues operations. The Huione umbrella also includes a crypto exchange and its own stablecoin, USDH, launched in an effort to evade restrictions tied to third\u2011party tokens like USDT.<\/p>\n

Read more: Most Illicit On-Chain Activity Now Involves Stablecoins: FATF<\/a><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In a sweeping crackdown on the so\u2011called Telegram marketplace ecosystem, the messaging giant has banned Huione Guarantee (also known as Haowang Guarantee) and Xinbi Guarantee, disrupting marketplaces that collectively processed more than $35\u202fbillion in USDT\u2011denominated transactions, according to a new report by TRM Labs. These forums offered escrow and laundering services to cybercriminals and scam […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-39578","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/39578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39578"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/39578\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}