Fraudulent Marketplace Haowang Shuts Down Following Telegram Channel Blockade

The largest illegal online platform, Haowang Guarantee, announced its closure. The decision followed the blocking of “thousands” of related channels by the Telegram team.

According to Elliptic, Haowang processed over $27 billion in USDT. The platform operated as a marketplace for the sale of technology, data, and money laundering services, targeting clients in Southeast Asia.

Illegal market operations were conducted using the stablecoin USDH, issued by a “partner and shareholder”—the Cambodian conglomerate Huione Group. The “stablecoin” allegedly facilitated the circumvention of sanctions.

Earlier, Elliptic analysts had described the online marketplace as the largest illegal trading platform. Following the publication of the research, the platform attempted to distance itself from Huione Group by rebranding to Haowang.

Simultaneously, Telegram shut down accounts of Xinbi Guarantee, also linked to illegal activities. Elliptic estimates that together these markets processed $35 billion in USDT. Analysts added that they continue to monitor over 30 similar platforms.

In April, the UN expressed concern over money laundering through mining. According to the UNODC, Haowang is a central node in the described underground economy.

In May, the FinCEN identified Huione Group as a “money laundering enterprise” for $4 billion, including funds linked to the Lazarus hacking group from North Korea. The regulator proposed disconnecting the platform from the American financial system.