Telegram has closed the illicit guarantee of the Haowang market, formerly Huione Guarantee, which facilitated transactions totaling more than $ 27 billion in Stablecoins since 2021.
Haowang was closed according to the information provided by the Blockchain Elliptic analysis company on Tuesday.
The closure took place in the middle of a repression over thousands of alleged Chinese cryptocurrency channels operating on Telegram, according to Elliptic’s report on the Xinbi market warranty.
Telegram has now closed Huione and Xinbi, who treated $ 35 billion in illegal transactions in Stablecoins, Elliptic wrote in a web position on Wednesday.
“Our analysis indicates that the Huione guarantee has facilitated transactions totaling more than $ 27 billion since its launch in 2021, which makes it the largest unlawful online market to have ever worked,” wrote Elliptic.
Xinbi was the second largest, having transactions treated worth $ 8.4 billion since 2022, added Elliptic.
For the prospect, notable “Dark Web” markets such as Silk Road and Alphabay treated $ 216 million and $ 639 million respectively.
These markets have historically worked through the anonymous browser, but recently moved their operations to Telegram, the messaging application with more than a billion users.
Huione and Xinbi are called “guaranteed” markets, an appointed term for platforms that do not sell goods and services themselves, but provide merchants for sale to customers.
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