Telegram Shuts Down Crypto Crime Syndicate

Telegram Shuts Down Haowang Guarantee Crypto Crime Network

• On May 13, Telegram banned thousands of accounts linked to Haowang Guarantee, leading to its shutdown.
• Haowang enabled the trade of stolen data, fake IDs, and tools for large-scale online scams.
• The platform was involved in laundering over $27 billion across Asia’s cyber scam economy.
• Successor platforms like Xinbi and Tudou Guarantee are emerging as regrouping grounds for key players.
• The U.S. Treasury Department identified Huione Group, Haowang’s parent company, as a primary money laundering concern.

Telegram’s decisive action led to the closure of Haowang Guarantee, a major illicit marketplace responsible for laundering over $27 billion. Despite this shutdown, successor platforms are already beginning to fill the void left by Haowang’s collapse.