In a major blow to global cybercrime, two of the world’s largest illegal marketplaces—Huione Guarantee (also known as “Haowang Guarantee”) and Xinbi Guarantee—were shut down on May 13, 2025.
These marketplaces were hubs for illegal goods and services, including money laundering, stolen data, human trafficking, and torture equipment.
How the Marketplaces Worked
Unlike traditional darknet markets like Silk Road or AlphaBay, which operated on the Tor network, Huione and Xinbi used Telegram to reach a wider user base. They mainly targeted Chinese-speaking cybercriminals across Asia.
These platforms acted as “guarantee marketplaces,” connecting buyers and sellers without directly selling illegal products themselves. Instead, they provided organized services including merchant vetting, escrow, automated bots, and anti-fraud systems.
Transactions were primarily made using USDT, which provided a degree of anonymity for users.
Unprecedented Scale
Huione Guarantee alone processed more than $27 billion in criminal transactions in just four years, making it the largest illicit marketplace ever recorded. Xinbi Guarantee added another $8.4 billion, dealing in services such as stolen data, intimidation-as-a-service, and access to surrogates.
For comparison, the combined total of all AlphaBay and Silk Road transactions reached just $855 million, while Russia’s Hydra marketplace peaked at $5.6 billion.
Telegram’s Crackdown
Telegram had previously tried to curb these operations by deleting certain channels. However, Huione Guarantee quickly rebuilt its network using backup channels and NFT-linked usernames. This reduced its reach but did not stop its growth.
On May 13, Telegram escalated its actions by removing all Huione and Xinbi channels and banning their usernames. This cut off their ability to redirect users to new platforms.
Following the ban, Huione announced its permanent shutdown and encouraged users to switch to Tudou Guarantee, a related marketplace in which it holds a 30% stake. Tudou saw a 30% spike in users immediately. Xinbi, meanwhile, announced a planned return as “Xinbi 2.0,” though some users suspect an exit scam.
Wider Implications
The shutdown highlights how centralized platforms like Telegram can be exploited for criminal activity. Experts believe this could drive scammers toward decentralized, censorship-resistant communication apps in the future.
Elliptic’s blockchain analysis played a key role in tracking these illicit networks. By analyzing crypto transactions, the firm provided actionable intelligence that helped dismantle the largest online black markets ever recorded.
This case marks a significant victory in the global fight against online fraud and may reshape how law enforcement and tech platforms combat digital crime.
