US$27 Billion Crypto-Crime Network Dismantled Via Telegram

Telegram recently carried out an unprecedented enforcement action by shutting down Haowang Guarantee (formerly known as Huione Guarantee). This action shut down a massive money laundering network that moved more than US$27 billion (AU$42 billion) through Asia's cybercrime economy.

Telegram confirmed that it has removed multiple networks that were named in external investigations, including Elliptic. The shutdown occurred on May 13, 2025, after which the Haowang website displayed the following message:

“Since all of our NFTs, channels and groups have been blocked by Telegram on May 13, 2025, Haowang Guarantee will immediately cease operations. Thank you for your attention.”

A digital underworld bigger than Silk Road

Haowang operated entirely through Telegram. From merchant accounts to bots and private groups — everything ran through the messaging app. Telegram served as both a communication channel and a payment platform, making it the heart of the operation.

The group had direct links to the Huione Group, a company that is now under global scrutiny. According to the US Treasury Department, Huione is estimated to have more than US$98 billion (AU$153 billion) in crypto processed, largely in connection with criminal activities.

Among them was:

• US$4 billion (AU$6.25 billion) in illicit funds between 2021 and 2025
• US$37 million (AU$57 million) from North Korean cyber attacks
• US$300 million (AU$468 million) from scams targeting Americans

In response to this, in early 2025:

• The Huione Guarantee app has been removed from the Google Play Store
• Huione Pay's license revoked by the central sofa from Cambodia

The network continues under new names

While Haowang is offline, the network is far from destroyed. Elliptic identified Xinbi Guarantee as a new linchpin in the money laundering network. With over 233.000 users on Telegram, Xinbi has already processed at least US$8.4 billion (AU$13.12 billion) in suspicious funds.

Key Facts About Xinbi:

• Openly offers money laundering services for so-called pig butchering scams
• Has ties to funds from the US$235M WazirX hack of the Lazarus Group
• Linked to Xinbi Co. Ltd, a company registered in Colorado but now known as delinquent marked

In addition, a third player, Tudou Guarantee, is quickly gaining popularity as a possible replacement for Haowang.

Frequently Asked Questions

1. Why is the closure of Haowang important?

It was one of the largest crypto money laundering networks ever, moving billions through the digital underworld via Telegram.

2. Has the money laundering network been completely stopped?

No. New networks such as Xinbi Guarantee have now emerged and are operating in a similar manner.

3. What is Telegram's role in this?

Telegram has taken action against Haowang, but is now being asked to continue