Telegram responded to the Elliptic report by deleting thousands of channels and accounts linked to Huione Guarantee, which had facilitated over $27 billion in illicit transactions, primarily for Chinese-speaking users in Southeast Asia. The crackdown followed public exposure of money laundering and fraud schemes tied to the platform.
Активность на Huione Guarantee (вверху) и Huione Pay (внизу). Данные: отчет
Yet, Elliptic analysts estimate that over 30 fraudulent crypto marketplaces remain active on Telegram, offering illegal services, laundering networks, and more. Most transactions utilize the USDT stablecoin as the primary currency.
Notably, even after Huione Guarantee’s shutdown, its associated payment service, Huione Pay, continues to process crypto transactions. This persistence highlights how interconnected infrastructure can survive enforcement actions targeting individual platforms.
Experts emphasize that shuttering a single marketplace does not solve the systemic challenge. Telegram remains a primary host for illicit crypto markets, and combating this phenomenon requires a coordinated, large-scale effort.
Previously, Binance aided U.S. and Taiwanese law enforcement in dismantling Incognito Market, a darknet marketplace specializing in illegal drug trade.