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Telegram Purged Chinese Crypto Scam Markets—Then Watched as They Rebuilt
- Telegram banned Chinese-language crypto scam services but they rebranded and resumed business on the platform.
- Elliptic reported the resurgence of Telegram-based Chinese-language black markets for crypto scams post the bans.
- Notably, Tudou Guarantee grew, showing $15 million daily in crypto payments, resembling the defunct Haowang Guarantee.
- Despite Telegram's ban, black markets like Xinbi Guarantee have rebuilt on new accounts, continuing illicit activities.
- Telegram's decision to not ban rebounding black markets is defended as enabling financial autonomy by the spokesperson against claims of facilitating illicit activities.
- Critics argue that Telegram hosting such markets enables scam economies and human trafficking.
- US government's designation of Huione Group as a primary money laundering concern may influence Telegram's actions regarding crypto scam markets.
- Telegram's varied approach to banning crypto scam markets may reflect a balance between avoiding legal issues and cooperating with enforcement.
- The resilience of scammers highlights the challenges tech companies face in combating illicit activities on their platforms.
- The article discusses Telegram's role in hosting illegal activities within Chinese-language crypto scam markets and the challenges faced in regulating such activities.
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