2 Massive Black Market Services Blocked by Telegram, Messaging App Says
Two sprawling digital black markets operating on the communications platform Telegram have been removed, the service said in a statement on Thursday. Xinbi Guarantee and Huione Guarantee, Chinese-language markets known for serving cybercriminals and scammers, appeared to be inactive on Thursday.
Telegram provided little further detail in its message to Reuters except to say that "criminal activities like scamming or money laundering are forbidden by Telegram's terms of service and are always removed whenever discovered." This move marks a significant victory for law enforcement agencies and cybersecurity experts who have been fighting against these black markets for years.
Blockchain research firm Elliptic said the two markets had collectively facilitated more than $35 billion in transactions since 2021, many multiples higher than other black markets such as the drug-focused Silk Road. The scale of these operations is staggering, and their removal sends a strong message to cybercriminals that they will not be tolerated on Telegram's platform.
"This is a big blow for online fraudsters, who relied on these markets for stolen data, money laundering services and telecoms infrastructure," Elliptic said in a statement. "The fact that these markets have been shut down is a testament to the effectiveness of law enforcement efforts and Telegram's commitment to protecting its users."
Huione Guarantee: A Hub for Cybercrime
Huione Guarantee, which at one point rebranded as "Haowang Guarantee," confirmed in a brief English-language statement that it had been blocked by Telegram starting Tuesday and would cease operations from now on. The firm did not immediately return an email seeking comment.
Huione Guarantee is a subsidiary of Cambodia-based Huione Group, which also owns Huione Pay and Huione Crypto, U.S. officials have alleged. Last year, Reuters revealed that Huione Pay had received cryptocurrency then worth more than $150,000 from a digital wallet used by North Korean hacking outfit Lazarus.
The report was followed earlier this month by a U.S. move to bar the Huione Group from the U.S. financial system. In a statement, Treasury Secretary Scott Bessent said the Huione Group was the "marketplace of choice for malicious cyber actors."
Xinbi Guarantee: A Black Market with No Contact Information
Reuters could not immediately locate contact information for Xinbi, highlighting the challenges of tracking down and shutting down these elusive black markets.
The Huione Group did not immediately respond to a message seeking comment. The removal of these two black markets marks a significant victory for law enforcement agencies and cybersecurity experts who have been fighting against these operations for years.
A Big Blow to Cybercrime
"This is a big blow for online fraudsters, who relied on these markets for stolen data, money laundering services and telecoms infrastructure," Elliptic said in a statement. In a world where cybercrime is increasingly becoming a major threat, the removal of these black markets sends a strong message that law enforcement will not tolerate such activities.
As the digital landscape continues to evolve, it's essential for platforms like Telegram to remain vigilant and proactive in removing these types of operations. The fact that they have taken steps to shut down Xinbi Guarantee and Huione Guarantee is a testament to their commitment to protecting its users and preventing cybercrime.