Telegram-based marketplaces are quietly becoming the new Silk Road — and some may already be bigger.
According to blockchain analytics firm Elliptic, crypto-fueled cybercrime networks are thriving across Southeast Asia, with operations now handling billions of dollars in illicit Tether (USDT) transactions.
From the Darknet to Telegram
Once confined to darknet markets like Silk Road and AlphaBay, online fraudsters have shifted to more accessible platforms. Telegram, with its massive user base and semi-anonymous functionality, has become the preferred tool for scammers and money launderers.
In July 2024, Elliptic first revealed Huione Guarantee, a sprawling fraud marketplace operating entirely on Telegram. Vendors offered services ranging from identity theft and scam tools to money laundering—largely for crypto-driven “pig butchering” scams. Since its emergence, Huione Guarantee has processed at least $27 billion in transactions, making it the largest known illicit crypto marketplace in history.
In May 2025, the U.S. Treasury officially designated Huione Group as a major money laundering operation, citing its role in facilitating over $98 billion in suspect crypto flows.
Xinbi Guarantee: The Next Fraud Supermarket?
A parallel marketplace, Xinbi Guarantee, is quickly rising in notoriety. It has grown from 119,000 to 233,000 users in under a year and has already processed $8.4 billion in USDT since 2022, according to Elliptic. Just like Huione, Xinbi operates almost entirely in Chinese, with all trades settled in Tether.
Xinbi categorizes its merchants into nine groups, with money laundering services making up the largest share of transactions. Listings openly specify the type of illicit funds they are willing to clean—including pig butchering, romance scams, and fake investment schemes.
Elliptic’s analysis uncovered vendors openly promoting the conversion of scam proceeds into ‘white capital’ and offering related services such as:
- Fake IDs and stolen personal data for scam targeting
- Starlink satellite internet kits used by isolated scam compounds
- Illegal services including surrogacy, intimidation-for-hire, and sex trafficking, with victims as young as 14 years old
Growing Threat, Limited Oversight
Elliptic warns that these marketplaces are growing faster than enforcement can keep up. In Q4 2024 alone, Xinbi saw over $1 billion in inflows, marking a record quarter.
While governments and regulators are starting to respond, the accessibility of Telegram, the anonymity of stablecoins like USDT, and the global nature of these operations make them uniquely difficult to dismantle.
What’s Next?
As law enforcement agencies begin to scrutinize Telegram’s role in facilitating organized digital crime, marketplaces like Huione and Xinbi will likely remain in the spotlight. With billions in confirmed flows and deeply exploitative services, they represent a new frontier in crypto-enabled financial crime — and a mounting challenge for global regulators.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/telegram-busts-black-market-empire-in-35b-crypto-sting/