Haowang Assure, a black market platform dubbed the “world’s largest-ever illicit online marketplace” has introduced it’s ceasing all operations.
The net market introduced on Might 13, “Since all our NFTs, channels, and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will cease operations from now on.”
Elliptic analysis results in the shutdown of the 2 largest on-line prison marketplaces of all time
On Might 13, 2025, @telegram took decisive motion to close down Huione Assure and Xinbi Assure — two huge illicit marketplaces working on its platform — following… pic.twitter.com/PJ4OMD4iZ9
— Elliptic (@elliptic) Might 15, 2025
Hundreds Of Telegram Channels And Accounts Linked To Haowang Assure Closed In Current Weeks
Respected blockchain analytics agency Elliptic revealed a report on the identical day that Haowang introduced its closure, stating that Telegram had closed hundreds of channels linked to the black market agency, following its earlier analysis into {the marketplace}.
Previous to its closure, Haowang Assure operated a Telegram-based market the place third-party distributors bought tech companies, private information and cash laundering companies. It was primarily utilized in Southeast Asia and was wildly well-liked with crypto scammers and different shady on-line actors, per the Elliptic report.
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Elliptic reported that the market had processed over $35 billion value of USDT transactions, which made it the biggest unlawful on-line market in recorded historical past.
The illicit transactions on {the marketplace} have been additionally accomplished utilizing USDH. USDH is a US dollar-backed stablecoin issued by “partner and shareholder” Huione Group. The stablecoin is reported to permit customers to evade sanctions imposed by conventional regulatory companies.
Though Haowang rebranded itself from its authentic identify, Huione Assure, Elliptic states that authorities seen {the marketplace} as a part of the Cambodian monetary conglomerate Huione Group.
World’s largest black market simply bought nuked.
Haowang Assure — a $27B+ Telegram-based crime hub — shut down after Telegram banned hundreds of its channels.
It ran every part: information theft, laundering, scams. pic.twitter.com/W4VLufgTzj
— CryptoPotato Official (@Crypto_Potato) Might 15, 2025
Smaller Platform Xinbi Additionally Closed Due To Telegram Account Closures: Haowang Plotting A Comeback
The US Treasury Division’s Monetary Crimes Enforcement Community (FinCEN) had taken steps to dam the Huione Group from accessing its monetary system after claiming Huione operated a “money laundering enterprise” with its community of companies that embrace Haowang, funds companies platform Huione Pay and web3 trade Huione Crypto.
In response to FinCEN analysis, Huione Group laundered round $4 billion value of unlawful proceeds, a portion of which stemmed from North Korean crypto heists such because the ByBit hack earlier this 12 months.
Together with its actions on Haowang, Telegram additionally shut down accounts linked to Xinbi Assure. Xinbi labored much like Haowang, brokering illicit companies akin to intimidation-as-a-service and intercourse trafficking.
Elliptic mentioned this “severely disrupted” the 2 largest Telegram-based marketplaces, which have collectively processed over $35 billion value of USDT transactions. The analytics agency said in its report that it nonetheless displays over 30 platforms much like Haowang.
Rumours abound that Haowang is trying to revive {the marketplace} below new branding and probably by way of a distinct messenger platform than Telegram.
As of at present, Telegram has but to make an official social media remark relating to the closure of the accounts that led to Haowang and Xinbi ceasing all operations.
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Telegram closed hundreds of accounts linked to Haowang Assure, a bootleg on-line market
- Haowang made a reported $35 billion in transactions whereas promoting stolen information and illicit items
- A smaller black market agency, Xinbi, was additionally caught within the crossfire and has ceased operations
- Haowang are alleged to be plotting a comeback below a distinct identify
The put up World’s Largest Black Market Shut Down By Telegram With Over $35Bn In USDT TXs appeared first on 99Bitcoins.
