{"id":92572,"date":"2025-12-24T11:21:45","date_gmt":"2025-12-24T08:21:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=92572"},"modified":"2025-12-24T11:25:27","modified_gmt":"2025-12-24T08:25:27","slug":"chinese-darknet-transactions-on-telegram-surge-to-2-billion","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/chinese-darknet-transactions-on-telegram-surge-to-2-billion\/","title":{"rendered":"Chinese Darknet Transactions on Telegram Surge to $2 Billion"},"content":{"rendered":"<p>Telegram has emerged as a hub for a shadow economy centred around cryptocurrencies. Chinese-speaking users are transferring $2 billion monthly through the platform, reports <a href=\"https:\/\/www.wired.com\/story\/expired-tired-wired-chinese-scammer-crypto-markets\/\">WIRED<\/a>, citing Elliptic.\u00a0<\/p>\n<p>Experts have identified two of the largest markets \u2014 Tudou Guarantee and Xinbi Guarantee. They offer tools for fraud (stolen data, investment <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-scam\">scam<\/a> sites, deepfake creation tools) and other illegal services: from surrogacy to child prostitution.\u00a0<\/p>\n<p>These services overshadow historical counterparts:\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>AlphaBay was once the largest <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-darknet-what-is-tor\">darknet<\/a> marketplace for buying drugs, stolen data, and hacking tools. According to the FBI, it was ten times larger than Silk Road and at its peak processed transactions exceeding $1 billion;<\/li>\n<li><a href=\"https:\/\/forklog.com\/en\/news\/hydra-and-the-garantex-cryptocurrency-exchange-sanctioned-by-the-united-states\">Hydra<\/a> \u2014 a Russian platform that also offered money laundering services to crypto scammers and hacker groups. Over seven years, it processed about $5 billion.<\/li>\n<\/ul>\n<p>In comparison, the Chinese-language Huione Guarantee on Telegram processed $27 billion from 2021 to 2025.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cWhen it comes to the illegal use of crypto assets, there is simply nothing larger today,\u201d noted Elliptic co-founder and chief scientist Tom Robinson.<\/em><\/p>\n<\/blockquote>\n<p>Experts say the rise of such platforms is driven by the increasingly popular \u201cpig butchering\u201d scheme.\u00a0<\/p>\n<h2 class=\"wp-block-heading\">Failed Blockade\u00a0<\/h2>\n<p>In May 2025, the messenger blocked channels of Huione Guarantee (which had by then been renamed Haowang Guarantee). In July, TRM Labs analysts <a href=\"https:\/\/forklog.com\/en\/news\/telegrams-attempt-to-block-huione-proves-ineffective-says-trm-labs\">called<\/a> the measures ineffective, a view later confirmed by Elliptic specialists.\u00a0<\/p>\n<p>The void was quickly filled by Tudou Guarantee, which maintained ties with Haowang&#8217;s owners. Its monthly turnover rapidly reached $1.1 billion, nearly matching Haowang&#8217;s previous figure of $1.4 billion.<\/p>\n<p>Simultaneously, the second-largest darknet market, Xinbi Guarantee, was blocked. However, it was swiftly relaunched, with a monthly turnover exceeding $850 million.\u00a0<\/p>\n<p>According to Elliptic, Tudou and Xinbi are just two examples among approximately 30 similar platforms that continue to operate actively.<\/p>\n<h2 class=\"wp-block-heading\">Telegram&#8217;s Stance<\/h2>\n<p>In June, WIRED journalists asked Telegram&#8217;s management why the messenger allows the resurgence of illegal markets.<\/p>\n<p>The company stated it does not intend to block these platforms again. The decision was explained as protecting the \u201cfinancial freedom\u201d of Chinese users, who are forced to seek alternative channels for transferring funds due to strict currency controls.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cWe consider each case individually and categorically reject blanket bans \u2014 especially when users are trying to circumvent repressive restrictions of authoritarian regimes,\u201d Telegram emphasized.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>Cybercrime experts called this stance hypocritical and dangerous. Elliptic and other analysts pointed out that the vast majority of operations on these markets are criminal in nature.<\/p>\n<p>The primary clients of such darknet platforms are fraudulent syndicates. These groups are known for organizing camps in Southeast Asia, where thousands of people are held captive and used for forced labour.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThey have the opportunity to destroy an entire economy of fraud and human trafficking. Instead, they provide a <\/em><a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%9A%D1%80%D0%B5%D0%B9%D0%B3%D1%81%D0%BB%D0%B8%D1%81%D1%82\"><em>Craigslist<\/em><\/a><em> for crypto scammers. These are just bad actors creating a platform for other bad actors,\u201d commented Erin West, former prosecutor and head of the anti-fraud organization Operation Shamrock.\u00a0<\/em><\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">The Role of Tether\u00a0<\/h2>\n<p>The second critical link in the operation of darknet marketplaces is the stablecoin <a href=\"https:\/\/forklog.com\/en\/news\/what-is-tether-usdt\">USDT<\/a> from Tether. This asset is most commonly used by criminals for transactions involving illegal goods and services.<\/p>\n<p>Analysts highlight a paradox: as a centralized issuer, Tether is technically capable of blocking and confiscating funds linked to criminal activity. However, the company rarely takes such measures, which experts describe as a systemic problem.<\/p>\n<p>Jacob Sims, a transnational crime expert from Harvard&#8217;s Asia Center, compared Tether and Telegram&#8217;s efforts to \u201cshow raids\u201d in Southeast Asia. According to him, such actions only create an illusion of combat, while fraudulent hubs are almost instantly restored.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cImpunity at all levels renders any serious efforts to curb this futile,\u201d he believes.<\/em><\/p>\n<\/blockquote>\n<p>Sims insists that real change requires a global response, akin to the fight against terrorism and drug trafficking.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe response to this growing threat has not yet reached the necessary level of coordination and determination. This is precisely what is lacking to start addressing the problem with the seriousness that matches the scale of the damage it causes,\u201d he concluded.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>Earlier in December, the payment business of the Cambodian conglomerate Huione Group \u2014 Huione Pay \u2014 suddenly <a href=\"https:\/\/forklog.com\/en\/news\/darknet-platform-huione-pay-halts-operations\">ceased<\/a> operations and froze payments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese-speaking users are transferring $2 billion monthly through Telegram, reports WIRED, citing Elliptic.<\/p>\n","protected":false},"author":1,"featured_media":92573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Chinese-speaking users transfer $2 billion monthly via Telegram, reports WIRED.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,1535,723],"class_list":["post-92572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-elliptic","tag-telegram"],"aioseo_notices":[],"amp_enabled":true,"views":"433","promo_type":"1","layout_type":"1","short_excerpt":"Chinese-speaking users transfer $2 billion monthly via Telegram, reports WIRED.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/92572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=92572"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/92572\/revisions"}],"predecessor-version":[{"id":92574,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/92572\/revisions\/92574"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/92573"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=92572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=92572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=92572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}