Telegram Shuts Down $27B Crypto Scam Network

A massive cybercrime marketplace run primarily through Telegram has been dismantled, marking a major blow to crypto-enabled fraud networks across Asia.

The illicit operation—known as Haowang Guarantee and previously branded as Huione Guarantee—announced it would cease all activities after Telegram removed thousands of accounts linked to the platform on May 13. The platform served as a digital hub for organized fraud, laundering operations, and identity-based scams, often targeting victims through elaborate online schemes.

Telegram confirmed that all groups and accounts flagged by investigative journalists and blockchain security researchers had been taken offline. A company spokesperson reaffirmed the platform’s policy against enabling illegal financial activity.

Haowang played a central role in a sprawling underworld economy, facilitating roughly $27 billion in transactions, mostly in USDT stablecoin, according to blockchain analytics firm Elliptic. The broader Huione-linked ecosystem may have handled over $98 billion, the firm said.

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The marketplace provided tools for scammers, ranging from fake identification documents and deepfake technology to telecom systems and physical restraints used in Southeast Asian scam compounds. It was a go-to resource for “pig butchering” fraud rings and other digital cons.

Earlier this month, the U.S. Treasury’s FinCEN formally labeled the platform a major money laundering operation, moving to disconnect it from the U.S. financial system.

Elliptic co-founder Tom Robinson called the takedown a “game-changer,” stating it would significantly disrupt global scam infrastructure and offer relief to countless fraud victims worldwide.

Alexander Stefanov