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The Internet's Biggest-Ever Black Market Just Shut Down Amid a Telegram Purge
- The internet's biggest-ever black market, Haowang Guarantee, was shut down on Telegram after the platform banned thousands of accounts linked to illicit finance operations.
- Haowang Guarantee facilitated tens of billions of dollars in illicit finance through third-party vendors offering services like money laundering and more to crypto scammers in East Asia.
- The closure of Haowang Guarantee followed a ban on its NFT, channels, and groups by Telegram, prompting the market to cease operations.
- Elliptic's findings revealed that Haowang Guarantee had conducted over $27 billion in total transactions, making it the largest black market operation in internet history.
- Telegram banned accounts of other markets like Xinbi Guarantee, which facilitated deals involving money laundering, stolen data, and sex trafficking.
- Telegram's move was praised as a significant win against online fraud by Elliptic's co-founder, signaling a dent in scammers' capabilities.
- Telegram reiterated its stance against criminal activities like scamming and money laundering, stating that such activities are forbidden on its platform.
- Despite the shutdown, there are concerns about potential relaunches by platforms like Xinbi Guarantee and Tudou Guarantee, which may face obstacles due to increased scrutiny.
- The involvement of powerful entities linked to the Cambodian ruling family in Haowang Guarantee highlights the challenges in combating the crypto scam industry.
- While the takedowns are a setback, they may not signal the end of online crime, with crypto scam operators potentially seeking less regulated platforms.
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