The dismantling of Haowang Guarantee, which was once the largest unlawful online platform for cryptocurrency fraud, does not signify a conclusive defeat for cybercrime within the crypto sphere, according to a report released on Monday by Chainalysis, a blockchain analytics enterprise.
Formerly referred to as Huione Guarantee, Haowang specialized in offering services for money laundering, stolen data, and scam technologies via Telegram, operating without any requirement for identity verification.
This closure came on the heels of a broad crackdown by Telegram, following the identification of Haowang’s parent company, the Cambodian-based Huione Group, by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) as a money laundering entity associated with North Korean hackers.
Criminal Ecosystem Behind ‘Guarantee’ Services Proves Resilient
As part of the same efforts, Telegram also removed accounts linked to Xinbi Guarantee, the second-largest forum of its type.
Though these measures have been recognized as important steps in undermining scam networks rooted in encrypted messaging systems, Chainalysis cautioned that this success is more symbolic than it is transformative.
The report elaborated that the criminal ecosystem surrounding “guarantee” services has demonstrated significant adaptability.
“These services are likely designed for redundancy, highlighting the resilience of criminals and the highly profitable nature of their operations,” the report asserted.
Individuals who previously utilized Haowang have swiftly relocated to alternative platforms or dispersed across numerous smaller marketplaces.
According to Chainalysis, these users quickly acclimate to new brokers and communication methods, mitigating the effects of isolated takedowns.
“Currently, while the takedown of the Huione Group may redirect some traffic, disrupt broker relationships, or induce temporary caution,” Chainalysis pointed out, “the fundamental facilitators of crypto crime remain unscathed.”
Telegram continues to be the dominant hub for these illegal activities, favored for its user-friendly access and anonymous features.
Despite assurances of enforcement actions, the messaging platform has not revealed whether additional crackdowns will occur.
Chainalysis emphasized that while the removal of certain platforms may garner media attention, any substantial advancements against cryptocurrency fraud will rely on more sophisticated, behavior-focused monitoring of blockchain transactions.
Instead of merely dismantling platforms, the firm advocates for tracking illicit funds through patterns of on-chain movements, where real-time data could expose fraudulent activities, even when platforms become inactive.
Crypto Crime Turns Violent as Illicit Transactions Top $40B in 2024
In a striking rise of illicit cryptocurrency activities, at least $40.9 billion was attributed to criminal endeavors in 2024, as reported by Chainalysis, with numbers expected to increase as more wallets related to criminal activities are uncovered.
Cyberattacks were responsible for $2.2 billion in stolen assets, marking a 21% rise from the prior year.
Groups connected to North Korea, including Lazarus and Tradetraitor, were implicated in more than 60% of these thefts, with notable incidents such as the $300 million breach of Japan’s DMM Bitcoin exchange.
The dangers extend beyond digital offenses; criminal organizations are leveraging cryptocurrency to fund a variety of illicit schemes—from investment fraud and AI-driven romance scams to drug trafficking and acts of violence.
A particularly alarming incident occurred on May 13, 2025, when the daughter and grandson of Paymium’s CEO were nearly abducted in Paris by masked assailants.
On Tuesday, May 13, 2025, it is alleged that the French cryptocurrency platform Paymium CEO Pierre Noizat’s daughter and two-year-old child were targeted in the attempted kidnapping in Paris. There has been no confirmation of the identities of the victims or their relations by… pic.twitter.com/HAbsCU6fg1
— SuperNOVA (@NovaExcitement) May 13, 2025
Platforms such as Huione Guarantee have been instrumental in laundering illicit funds, enabling cybercriminals to transform their digital gains into real-world threats.
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