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

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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.

Sanctioned Russian Crypto Exchange Garantex Suspends Services After Tether Blocks Wallets

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Russian cryptocurrency exchange Garantex announced on Thursday that stablecoin Tether had blocked digital wallets on its platform, which collectively held over 2.5 billion roubles ($28 million). This move has forced Garantex to suspend operations just days after being sanctioned by the European Union.

The EU included Garantex in its 16th sanctions package on February 24, accusing the platform of being closely linked to Russian banks already under EU sanctions and playing a role in circumventing these sanctions. In a statement on Telegram, Garantex expressed frustration, stating, “We have bad news. Tether has entered the war against the Russian crypto market.”

When contacted for comment, a spokesperson for Tether referred Reuters to the U.S. Secret Service, offering no additional details on the matter.

Garantex confirmed it was halting all services, including cryptocurrency withdrawals, and vowed to continue fighting against the sanctions. “Please note that all USDT held in Russian wallets is now under threat,” the exchange warned.

As access to the U.S. dollar and the SWIFT global payment network has been restricted, many Russians have turned to cryptocurrencies to bypass these financial limitations, with the central bank permitting businesses to use cryptocurrencies for international trade.

The U.S. had previously labeled Garantex as a “ransomware-enabling virtual currency exchange” when imposing sanctions on the platform in April 2022, accusing it of facilitating illicit activities.

Russian lawmaker Anton Gorelkin responded to the latest sanctions, accusing Western nations of pursuing political motives. He assured that this would not be the last attempt to target Russia’s cryptocurrency infrastructure but stressed that cryptocurrencies remain a key tool for circumventing sanctions, despite Tether’s actions.