The global fight against cybercrime has achieved a notable success with the disruption of a vast digital ecosystem that predominantly conducted its illicit activities through Telegram. This action represents a significant setback for sophisticated online fraud networks, impacting operations, particularly within the crypto landscape across Asia.
Known as Haowang Guarantee, and previously operating under the name Huione Guarantee, the platform announced its complete cessation of services on May 13th. This closure followed Telegram’s removal of thousands of accounts and groups associated with the operation. The platform functioned as a central hub facilitating various organized criminal activities, including identity-based money laundering schemes and complex online fraud that targeted numerous victims.
Telegram confirmed that it had removed all accounts and groups flagged by investigators and blockchain security analysts, stating that the platform’s policies strictly prohibit illegal financial activities.
Scale of the Operation
According to blockchain analytics firm Elliptic, Haowang played a pivotal role in an extensive criminal network, facilitating transactions estimated at around $27 billion, primarily using the stablecoin USDT. Elliptic’s data further indicated that the broader ecosystem linked to Huione may have processed over $98 billion in total.
The platform provided a wide array of tools and services to enable fraudulent activities, ranging from the provision of counterfeit identity documents and advanced deepfake technologies to specialized telecommunications systems and even services facilitating physical constraints.
Regulatory Intervention
Earlier this month, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, officially designated the platform as a significant money laundering operation. FinCEN subsequently implemented measures aimed at severing the platform’s connections to the U.S. financial system.
Tom Robinson, co-founder of Elliptic, described the regulatory and platform actions as a “game changer.” He emphasized that this disruption would significantly impact the global infrastructure supporting online fraud and bring relief to countless victims affected by these schemes worldwide.
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