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Massive 'Illicit' Online Marketplace Shuts Down After Telegram Takes Action

The marketplace, Haowang Guarantee, operated via Telegram and reportedly had upwards of $26B in USDT transactions flow through it.
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May 15, 2025 • 1 min read

Haowang Guarantee, perhaps the largest online illicit marketplace, was shut down after Telegram’s intervention, The Block reports.

What’s the Scoop?

  • Largest Illicit Marketplace: Haowang, a Telegram-based platform, processed over $27 billion in USDT transactions, making it the largest illicit marketplace to date.
  • Stablecoin Evasion: The platform reportedly used USDH, a stablecoin issued by 'partner and shareholder' Huione Group, to evade regulatory scrutiny.
  • Telegram Intervenes: Following mounting concerns, Telegram facilitated the shutdown of Haowang earlier this week.

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