Popular messaging app Telegram has blocked two of the largest digital black-market services on its platform, Xinbi Guarantee and Huione Guarantee, both known for facilitating cybercrime, scams, and money laundering. The two Chinese-language marketplaces were confirmed inactive as of Thursday, according to Telegram and blockchain analysis firm Elliptic.
Telegram Acts Against Cybercrime
Telegram, which has long attracted both legitimate and illicit users for its encryption and anonymity features, confirmed to Reuters that the platforms had been removed due to violations of its terms of service.
“Criminal activities like scamming or money laundering are forbidden by Telegram’s terms of service and are always removed whenever discovered,” Telegram stated.
The decision marks one of the most significant enforcement actions by Telegram against illicit financial activity on its platform.
$35 Billion in Transactions Linked to Two Markets
According to blockchain research firm Elliptic, Xinbi Guarantee and Huione Guarantee collectively facilitated over $35 billion in transactions since 2021, making them significantly larger than infamous black markets like Silk Road.
“This is a big blow for online fraudsters,” Elliptic said. “They relied on these markets for stolen data, money laundering services, and telecoms infrastructure.”
These platforms were instrumental in connecting scammers and cybercriminals, offering a full range of black-market services through Telegram groups and bots.
Huione Guarantee Confirms Shutdown
In a brief English-language statement on its website, Huione Guarantee, which had recently rebranded as Haowang Guarantee, confirmed that Telegram had blocked the service starting Tuesday.
“We will cease operations from now on,” the company said, effectively confirming the shutdown of one of the largest online black markets in the world.
Telegram’s Black-Market Crackdown: A New Era of Moderation?
The removal of these two major markets raises questions about how Telegram will handle future cybercrime operations on its platform. With growing regulatory pressure and the increasing use of Telegram by international criminal networks, this action could signify a broader shift toward stronger content moderation and compliance
The shutdown of Xinbi Guarantee and Huione Guarantee represents a massive disruption to the global black-market economy. With $35 billion in illicit transactions removed, Telegram has taken a significant step in enforcing its policies and combating online fraud.
