According to blockchain intelligence experts, two major Telegram channels banned in mid‐May have quietly reappeared under new names. The move shows how some crypto crime outfits can bounce back almost immediately. They use simple steps to keep trading, even after high‐profile bans.
Huione wasn’t a tiny operation. It handled over $80 billion in crypto deals from 2021 to now. Xinbi managed over $8.4 billion in USDT trades since 2022. Those figures make them bigger than many darknet markets before they went under.
For perspective, Hydra, one of the largest underground markets at its peak, handled less volume before it collapsed in 2022. These markets move huge sums, and that draws more attention than smaller forums ever could.
US regulators did take action. Just two weeks before the ban, the US Financial Crimes Enforcement Network listed Huione Group as a “primary money laundering concern.” On May 29, the Treasury’s Office of Foreign Assets Control added Funnull Technology to its sanctions list.
Xinbi’s team even teased a relaunch under the name “Xinbi 2.0,” and some users worried about a possible exit scam if the operators ran off with funds.
When Telegram blocked these channels, some vendors skipped over to Tudou Guarantee, a site back in 2024 by Huione. TRM Labs noted that Tudou’s user count jumped nearly 30% after the bans. Other operators are now eyeing platforms like ChatMe and SafeW.
These apps work like Telegram but don’t have the same kind of third‐party moderation. That leaves room for illicit trading. In other words, the networks don’t truly disappear—they just move to a new house.
These groups aren’t selling drugs or weapons directly. Instead, they act as an escrow service for illegal deals. Sellers post a security deposit. That deposit can be lost if they rip someone off.
Buyers pick services or goods—fake IDs, SIM cards, even surveillance tools. Bots help manage orders. All payments run through crypto, so it’s hard to track who’s who. This setup makes it easy for big fraud rings to buy exactly what they need.
Featured image from PeopleImages/Getty Images, chart from TradingView
