In a significant move combating online fraud, the messaging platform Telegram has successfully taken down two prominent digital black markets, Xinbi Guarantee and Huione Guarantee. These Chinese-language markets, well-known for catering to cybercriminals and scammers, were found to be inactive on Thursday following Telegram's actions.
While Telegram provided limited details in a message to Reuters, it emphasized its zero-tolerance policy towards criminal activities such as scamming and money laundering. The removal of these markets comes as a significant blow to online fraudsters who heavily relied on them for services related to stolen data, money laundering, and telecom infrastructure, as confirmed by blockchain research firm Elliptic.
According to Elliptic, Xinbi Guarantee and Huione Guarantee collectively facilitated transactions exceeding $35 billion since 2021, far surpassing other notorious black markets like Silk Road. The cease of operations from Huione Guarantee, also known as Haowang Guarantee, was confirmed in a brief statement on their website after being blocked by Telegram on Tuesday.
Notably, Huione Guarantee is a subsidiary of the Huione Group based in Cambodia, which also owns Huione Pay and Huione Crypto. Recent reports have linked Huione Pay to receiving cryptocurrency valued over $150,000 from a wallet associated with the North Korean hacking group Lazarus. Following these revelations, the U.S. government has taken action to prevent the Huione Group from accessing the U.S. financial system, citing its support of malicious cyber activities.
Treasury Secretary Scott Bessent labeled the Huione Group as the "marketplace of choice for malicious cyber actors," underscoring the significance of Telegram's efforts in shutting down these illegal operations. Despite these developments, the Huione Group has not yet responded to requests for comment, leaving the future implications of the crackdown on online fraud uncertain.