Despite the crackdown, the operators of these illicit marketplaces are reportedly not backing down.
Tom Robinson, co-founder of Elliptic, told CryptoSlate that these platforms are too profitable to be abandoned altogether. As such, the operators are trying to revive their operations on the social messaging application.
Elliptic stated that the platform functioned as a digital bazaar for illicit services, offering access to stolen data and money laundering services. It mainly catered to Southeast Asian clients, including crypto scammers.
The market allegedly processed over $27 billion in stablecoin transactions, making it the most significant illicit crypto marketplace.
Huione is a Cambodian financial firm accused of using its crypto products, including Huione Pay and Huione Crypto, to sidestep global sanctions and regulatory checks.
However, the Huione operators appear focused on continuing their business despite Haowang’s exit.
Robinson noted that the illicit marketplace team has urged users to migrate to Tudou Guarantee, another platform with apparent ties to Huione.
Like Haowang, Telegram also dismantled Xinbi Guarantee, a secondary but equally notorious platform operating via the messaging application.
According to Elliptic, the illicit marketplace offered money laundering services and even more extreme offerings such as intimidation services and sex trafficking. Xinbi allegedly handled $8.4 billion in USDT, with links to North Korea also identified.
Elliptic pointed out that what sets Xinbi apart is its claim of legitimacy through incorporation under Xinbi Co. Ltd in Colorado.
However, despite the reported shutdown, Xinbi’s team appears to be regrouping.
Robinson told CryptoSlate:
“Xinbi Guarantee are trying to relaunch as “Xinbi 2.0″ – it remains to be seen whether Telegram will pursue them further.”
