Telegram Blocks Two Massive Black Market Services Linked to Cybercrime and Money Laundering

/in /tarafından

Telegram has shut down two major digital black markets—Xinbi Guarantee and Huione Guarantee—which collectively facilitated over $35 billion in transactions since 2021, according to blockchain analytics firm Elliptic. The services, which primarily operated in Chinese and were known hubs for cybercriminals and fraud networks, appeared inactive as of Thursday.

In a statement to Reuters, Telegram confirmed the takedowns, saying:

“Criminal activities like scamming or money laundering are forbidden by Telegram’s terms of service and are always removed whenever discovered.”

Massive Fraud Ecosystems Dismantled:

  • Xinbi Guarantee and Huione Guarantee far surpassed older dark web markets such as Silk Road, which was infamous for illegal drug distribution.

  • The platforms served as critical infrastructure for illicit services, including:

    • Stolen data trading

    • Money laundering

    • Fraudulent telecom operations

Elliptic hailed the shutdown as a major win in the fight against online fraud, calling it a “big blow for online fraudsters”.

Ties to Broader Cybercrime Networks:

  • Huione Guarantee, which once operated under the name Haowang Guarantee, is a subsidiary of Cambodia-based Huione Group, also linked to Huione Pay and Huione Crypto.

  • U.S. officials allege these entities were used by state-sponsored hacking groups, including North Korea’s Lazarus Group, which funneled more than $150,000 in cryptocurrency through Huione Pay.

Earlier this month, the U.S. Treasury Department sanctioned the Huione Group, describing it as the “marketplace of choice for malicious cyber actors,” effectively cutting it off from the U.S. financial system.

Platform Reaction and Future Concerns:

  • In a statement posted to its website, Huione Guarantee confirmed that it had been blocked by Telegram on Tuesday and would “cease operations from now on.”

  • Attempts to reach Xinbi Guarantee or Huione Group for comment were unsuccessful.

While Telegram’s move highlights growing efforts by tech platforms to combat illegal activity, analysts warn that such services may resurface under new identities unless systemic enforcement and financial sanctions continue to evolve alongside cybercrime techniques.

Applied Materials Misses Q2 Revenue Target as Export Controls Weigh on Sales

/in /tarafından

Applied Materials missed Wall Street expectations for second-quarter revenue, reporting $7.10 billion versus the estimated $7.13 billion, as U.S. export restrictions on semiconductor equipment to China and slower investment in certain markets impacted performance.

Shares of the Santa Clara-based chipmaking equipment giant fell more than 5% in extended trading following the earnings release.

Segment Performance and Key Challenges:

  • Revenue from Semiconductor Systems, the company’s largest business segment, came in at $5.26 billion, below analysts’ forecast of $5.32 billion.

  • Sales in the ICAPS market — covering IoT, communication, automotive, power, and sensors — slowed, although this was partially offset by strong demand for advanced-node chipmaking equipment.

Impact of Export Controls:

  • The U.S. government’s export restrictions, announced in December, now prevent shipment of advanced chipmaking tools to China — Applied Materials’ largest overseas market.

  • As a result, revenue from China fell to 25% of total sales, down sharply from 43% a year earlier.

  • Analyst Kinngai Chan of Summit Insights Group said the export controls are clearly impacting results, but added:

    “We think the company can overcome this headwind over time as spending on advanced process nodes picks up in the second half of 2025 and into 2026.”

Profit and Outlook:

  • Despite the revenue miss, adjusted Q2 earnings per share were $2.39, beating the $2.31 consensus.

  • Applied Materials provided Q3 revenue guidance of $7.20 billion ± $500 million, roughly in line with analyst estimates of $7.19 billion.

  • CFO Brice Hill downplayed concerns, stating:

    “Despite the dynamic economic and trade environment, we have not seen significant changes to customer demand.”

Summary:

While strong demand for advanced chips offers a long-term buffer, current headwinds from trade restrictions and market softness in core segments are affecting short-term performance. Investors remain cautious amid geopolitical friction and shifting global chip manufacturing strategies.

U.S. Lawmakers Introduce Bipartisan Bill to Prevent AI Chip Smuggling to China

/in /tarafından

A bipartisan group of eight U.S. lawmakers has introduced the Chip Security Act, a bill that would require AI chipmakers like Nvidia to implement location verification technology in their hardware to help prevent export-controlled chips from being smuggled into China or reaching other restricted regions.

The legislation, introduced Thursday in the U.S. House of Representatives, is a response to growing evidence that U.S.-origin AI chips are still reaching China, despite existing export controls enacted under both the Biden and Trump administrations.

What the Bill Proposes:

  • Mandates AI chip manufacturers to embed technology that can verify the geographic location of each chip before or during operation.

  • Aims to close loopholes in enforcement of U.S. export restrictions on advanced AI chips.

  • Targets unauthorized resales or re-routing of chips through third-party countries.

Sponsors and Political Support:

  • Rep. Bill Huizenga (R-MI), lead sponsor, said the measure is key to protecting U.S. technological advantage and keeping chips away from “nefarious actors.”

  • Rep. Bill Foster (D-IL), a physicist and chip designer turned legislator, co-led the bill, noting that the U.S. has “technical tools to prevent powerful AI technology from getting into the wrong hands.”

  • Other co-leads and sponsors include:

    • Rep. John Moolenaar (R-MI), Chair of the House Select Committee on China

    • Rep. Raja Krishnamoorthi (D-IL), Ranking Member

    • Rep. Ted Lieu (D-CA)

    • Rep. Rick Crawford (R-AR), Chair of the House Intelligence Committee

    • Rep. Josh Gottheimer (D-NJ)

    • Rep. Darin LaHood (R-IL)

A similar version of the bill was introduced last week in the Senate by Sen. Tom Cotton (R-AR).

Policy Context:

The proposal follows President Donald Trump’s decision to rescind a Biden-era rule designed to regulate global flows of advanced AI chips. Though the Trump administration has not issued a replacement framework, it has actively promoted AI chip deals in the Middle East, raising concerns among national security officials about oversight and end-use compliance.

The legislation is expected to rekindle debate in Washington over how best to enforce export restrictions in an era when hardware is easily resold or re-exported through global gray markets.

If passed, the Chip Security Act would represent one of the first legislative attempts to embed compliance into hardware design, rather than relying solely on export documentation and customs enforcement.