Telegram has shut down the illicit marketplace Haowang Guarantee, formerly Huione Guarantee, which has facilitated transactions totaling over $27 billion in stablecoins since 2021.
Haowang was shut down based on insights provided by blockchain analytics firm Elliptic on Tuesday.
The closure took place amidst a crackdown on thousands of suspected Chinese crypto-crime channels operating on Telegram, following Elliptic’s report into marketplace Xinbi Guarantee.
Telegram has now shut down both Huione and Xinbi, which processed a combined $35 billion of illicit transactions in stablecoins, Elliptic wrote in a web post on Wednesday.
“Our analysis indicates that Huione Guarantee has facilitated transactions totalling more than $27 billion since launching in 2021, making it the largest illicit online marketplace to have ever operated,” Elliptic wrote.
Xinbi was the second largest, having processed transactions worth $8.4 billion since 2022, Elliptic added.
For perspective, notable “dark web” marketplaces such as the Silk Road and Alphabay processed $216 million and $639 million respectively.
Such marketplaces historically operated through anonymous browser Tor, but have more recently shifted their operations to Telegram, the messaging app with over a billion users.
Huione and Xinbi are referred to as “guarantee” marketplaces, a term designated for platforms that do not sell goods and services themselves, but provide a venue for merchants to sell to customers.
Read More: 1 in 5 Cross-Chain Crypto Investigations Involve More Than 10 Blockchains, Elliptic Finds
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