# Two Massive Black Market Services Blocked by Telegram
In a significant blow to online fraudsters and scammers, two sprawling digital black markets operating on the popular communications platform Telegram have been removed. Xinbi Guarantee and Huione Guarantee, Chinese-language markets known for serving cybercriminals and scammers, appeared to be inactive on Thursday.
Telegram took swift action against these markets, citing its zero-tolerance policy towards criminal activities such as scamming or money laundering. "Criminal activities like scamming or money laundering are forbidden by Telegram's terms of service and are always removed whenever discovered," the platform stated in a message to Reuters.
The impact of this move cannot be overstated. According to blockchain research firm Elliptic, the two markets had collectively facilitated more than US$35 billion ($54.6 billion) in transactions since 2021. This staggering figure is significantly higher than other black markets, such as the infamous Silk Road, which drew international notoriety for distributing drugs over the dark web.
The removal of these markets is a significant blow to online fraudsters who relied on them for stolen data, money laundering services, and telecoms infrastructure. "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.
Huione Guarantee, one of the markets removed by Telegram, confirmed that it had been blocked starting Tuesday and would cease operations from now on. The firm did not immediately respond to an email seeking comment.
Xinbi, another market removed by Telegram, remains inactive as of Thursday. Reuters was unable to locate contact information for Xinbi.
Huione Guarantee is a subsidiary of Cambodia-based Huione Group, which also owns Huione Pay and Huione Crypto. US officials have alleged that the Huione Group is the "marketplace of choice for malicious cyber actors." Last year, Reuters revealed that Huione Pay had received cryptocurrency worth more than US$150,000 from a digital wallet used by North Korean hacking outfit Lazarus.
The move to bar the Huione Group from the US financial system was announced earlier this month. Treasury Secretary Scott Bessent stated that the Huione Group was "the marketplace of choice for malicious cyber actors." However, the group did not immediately respond to a message seeking comment.