In a landmark blow to international crypto crime, Telegram has dismantled Haowang Assure, a black market accused of laundering $27 billion. The platform, which enabled scams, deepfake fraud, and cash laundering, vanished in a single day after a crackdown linked to investigative reviews and U.S. sanctions. Right here’s how the world’s largest darknet market collapsed and why the combat is way from over.
$27B Crypto Crime Empire
Haowang Assure operated like Amazon for criminals. By means of Telegram teams, distributors offered all the things from Tether cash laundering providers to deepfake instruments and tools for Southeast Asian rip-off compounds. Launched in 2021, the Chinese language-language platform ballooned to 970,000 customers, processing $27 billion, 5 instances greater than Hydra, as soon as the darknet’s high market. Its guardian firm, Huione Group, had ties to Cambodian political elites, together with Prime Minister Hun Manet’s household. This community shielded operations, enabling distributors to thrive utilizing Telegram’s encrypted channels. Moreover, an escrow system “assured” illicit offers, fostering belief amongst cybercriminals.
How Investigators Pulled the Plug on the Community
The downfall started when blockchain analytics agency Elliptic uncovered Haowang’s staggering $24 billion transaction quantity in January 2025. By Could, that determine hit $27 billion. After WIRED alerted Telegram, the platform banned 1000’s of Haowang-linked accounts, channels, and NFTs in a single day. “Communities reported by WIRED or Elliptic have been eliminated,” mentioned Telegram spokesperson Remi Vaughn. Concurrently, the U.S. Treasury blacklisted Huione Group, aiming to sever its entry to American banks. The one-two punch left Haowang’s operators scrambling.
Telegram’s Swift Strike
On Could 13, 2025, Haowang’s web site posted a terse discover: “All our NFTs, channels, and teams had been blocked.” Telegram’s purge additionally hit Xinbi Assure, a smaller $8.4 billion market flagged by Elliptic. Critics argue Telegram traditionally turned a blind eye to crime. Nonetheless, the swift takedown indicators a coverage shift. “Scamming and cash laundering violate our phrases,” Vaughn emphasised. Nonetheless, gaps stay Tether, the stablecoin fuelling these markets, has frozen fewer illicit funds than regulators demand.
Additionally learn: Ether Outperformed Bitcoin in Could’s Beautiful Rally: Right here’s Why
Relaunch Efforts and the Rise of “Tudou Assure”
Inside hours of Haowang’s shutdown, customers flocked to Tudou Assure an analogous platform tied to Haowang’s directors. Telegram exercise spiked in Tudou’s channels, suggesting criminals are adapting quick. Elliptic cofounder Tom Robinson warns, “It is a cat-and-mouse sport.” Xinbi Assure additionally makes an attempt a comeback, testing Telegram’s vigilance. Moreover, Haowang promoted its personal “censorship-resistant” stablecoin, USDH, which might let criminals evade future crackdowns.
International Repercussions
Haowang’s tentacles reached shockingly far. The UN hyperlinks it to Asian organised crime, intercourse trafficking, and even North Korea’s Lazarus hacking group, which funnelled $150,000 by way of Huione Pay. Cambodia’s political ties complicate justice. Huione Group’s sources and affect might revive operations on decentralised platforms, past regulators’ attain. In the meantime Southeast Asian rip-off compounds geared up with Haowang-sourced restraints and tech proceed exploiting victims.
What’s Subsequent within the Battle In opposition to Shadow Markets?
Whereas Elliptic calls Haowang’s takedown a “sport changer,” practically 30 copycat markets nonetheless plague Telegram. Specialists urge tighter stablecoin controls and international regulation enforcement cooperation. “This isn’t the top,” Robinson admits. “These are very massive mice.” With out constant strain, Tudou or Xinbi might fill Haowang’s void. For now, the shutdown proves even the darkest corners of crypto crime aren’t untouchable however the battle requires relentless vigilance. The Haowang Assure crackdown marks a uncommon victory in opposition to crypto’s underworld. But with $98 billion in Huione Group transactions nonetheless unaccounted for, the message is obvious: one takedown received’t erase the issue. As criminals pivot, so should the world’s defences.
Written By Fazal Ul Vahab C H
