The closure of Haowang Guarantee, once the largest illicit online marketplace for crypto scammers, is far from a final blow to crypto crime, according to a report published Monday by blockchain analytics firm Chainalysis.
Haowang, previously known as Huione Guarantee, was a Telegram-based marketplace offering money laundering services, stolen data, and scam technology without requiring identity verification.
Its shutdown followed a sweeping crackdown by Telegram after the U.S. Treasury’s FinCEN identified Haowang’s parent, the Cambodian-based Huione Group, as a money laundering operation linked to North Korean cyber actors.
Criminal Ecosystem Behind ‘Guarantee’ Services Proves Resilient
Telegram also removed accounts connected to Xinbi Guarantee, the second-largest platform of its kind.
These actions were hailed as progress in disrupting scam networks that had taken root on encrypted messaging platforms. But Chainalysis warned that the victory is more symbolic than structural.
In its report, Chainalysis said the criminal ecosystem around “guarantee” services has proven highly adaptable.
“These services are likely designed for redundancy, speaking to the resilience of criminals and the lucrative nature of their businesses,” the report noted.
Vendors who once operated on Haowang have already moved to new platforms or split across several smaller marketplaces.
The same users, Chainalysis said, quickly adjust to new brokers and communication channels, reducing the impact of isolated takedowns.
“For now, the Huione Group takedown may shift some traffic, scramble broker relationships, or inspire short-term caution,” Chainalysis added, “but the structural enablers of crypto crime unfortunately remain intact.”
Telegram continues to serve as the primary base for these illicit operations due to its ease of access and pseudonymous features.
Despite promises of enforcement, the platform has not disclosed whether further crackdowns will follow.
Chainalysis concluded that while platform removals may draw headlines, lasting progress against crypto scams will depend on more advanced, behavioral-focused monitoring of blockchain transactions.
Rather than solely dismantling platforms, the firm urges efforts to track illicit funds through on-chain movement patterns, where real-time data may expose fraud even when platforms go dark.
Crypto Crime Turns Violent as Illicit Transactions Top $40B in 2024
Illicit cryptocurrency activity surged to at least $40.9 billion in 2024, according to Chainalysis, with the number likely to grow as more criminal-linked wallets are identified.
Hacks alone accounted for $2.2 billion in stolen assets—a 21% increase from the previous year.
North Korean-linked groups, including Lazarus and Tradetraitor, were behind over 60% of those thefts, with major incidents like the $300 million hack of Japan’s DMM Bitcoin exchange among their hits.
But the threats go beyond online exploits. Criminal groups are using crypto to fund and conceal a wider range of crimes—from investment scams and AI-enhanced romance frauds to drug trafficking and even physical violence.
In one alarming case on May 13, 2025, the daughter and grandson of Paymium’s CEO were nearly kidnapped in Paris by masked men.
Platforms like Huione Guarantee have played a key role in laundering stolen funds, helping cybercriminals convert digital profits into real-world danger.
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