Haowang Guarantee, formerly known as Huione Guarantee, announced a total shutdown after being blocked by Telegram from using its crypto infrastructure. The company announced that it withdrew all its NFTs, channels, and communication groups from Telegram as of May 13, 2025.
Haowang, after experiencing this disruption, announced on its website that it would immediately suspend all business activity relating to digital asset escrow services.
The crackdown came shortly after Telegram received inquiries about Haowang’s financial activities from researchers at Elliptic and reporters at Wired. Investigations revealed the platform enabled tens of billions of dollars in transactions connected to East Asian crypto scams.
Haowang Guarantee had long operated as a third-party marketplace supporting money laundering and illicit finance schemes tied to crypto fraud.
Haowang Guarantee processed $27 billion worth of suspicious transactions since its inception, as the latest Elliptic report asserts. The platform facilitated scammers’ purchase of services from vendors using Tether and other financial manipulation tools.
Vendors supplied stolen information, scam infrastructure, deepfake software, and even the equipment for enforcing work within scam compounds within Southeast Asia. This included GPS collars and electric batons deployed for trafficking victims within Cambodia and Myanmar.
Crypto scams shift after Telegram crackdown
Telegram acted swiftly once Elliptic exposed a second market, Xinbi Guarantee, which facilitated $8.4 billion in similar activities. Telegram then banned both Xinbi and Haowang accounts, cutting access to their primary customer base and operational tools.
Haowang’s shutdown followed within hours, showing how dependent it was on Telegram’s ecosystem. Even after this significant news, commentators such as Elliptic co-founder Tom Robinson still think that the situation is still fluid.
There’s news that Haowang’s activity might be transferred to Tudou Guarantee, which is already seeing new adopters. Tudou is reportedly under the same owners and could be the next hub for illicit activity if Telegram ramps up surveillance.
Haowang was linked to conglomerate Huione Group, which has ties to Cambodian elite circles, as well as to relatives of Cambodian Prime Minister Hun Manet. The recent crackdowns have disrupted major illicit networks. However, experts warn that new platforms may emerge unless stricter regulations are enforced.
