Dark Markets Reborn? Illicit Crypto Platforms Quietly Return Via Telegram—Report

by

Oh, you thought you could just ban these crypto crime rings out of existence? Think again! Apparently, two major Telegram channels that were banned in mid-May have come back with a vengeance. New names, same shady dealings. It’s like whack-a-mole, but with crypto and crime. 🕵️‍♀️

Rebranding And Rapid Return

On May 13, Telegram kicked out the Huione Guarantee and Xinbi Guarantee channels. But no worries, because within mere days, they reappeared under fresh, shiny new names. Surprise! 😏

According to TRM Labs, Huione Group is still running exclusive “VIP” channels for select vendors. They even brought their crypto exchange back to life, taking payments in their own USDH stablecoin. So much for that ban—it was more like a mild inconvenience. 🙄

Huge Transaction Volumes

Oh, but wait, it gets better. Huione wasn’t your average, run-of-the-mill crypto scam. No, this operation moved over $80 billion in crypto transactions since 2021. Xinbi? Oh, just $8.4 billion in USDT trades since 2022. That’s more than some of the biggest dark markets ever could dream of. Talk about serious business. 💸

For context, Hydra, one of the largest underground markets, had smaller volumes before it went bust in 2022. And yet, here we are, with these markets handling insane sums of money, attracting more attention than ever. It’s like a game of “how big can we get before someone notices?”

Enforcement Steps And Limits

The US regulators, bless their hearts, did try to do something. Just two weeks before the ban, the US Financial Crimes Enforcement Network decided Huione Group was a “primary money laundering concern.” Well, that’s nice, but it didn’t really stop anything. The Treasury’s Office of Foreign Assets Control even added Funnull Technology to its sanctions list on May 29. How’s that for an effort? 🧐

Funnull, by the way, is based in the Philippines and was linked to Huione services. Even with these sanctions, Huione’s main group saw membership drop from over 800,000 to about 250,000. But hey, it’s still open! 🤑

Oh, and Xinbi? They’re out here teasing a relaunch under the name “Xinbi 2.0.” Some people are sweating bullets about an exit scam—like, “Are they going to run off with our crypto, or what?”


Shifting To New Venues

When Telegram pulled the plug, some vendors were like, “Cool, we’ll just move to Tudou Guarantee,” a site that Huione brought back in 2024. TRM Labs says Tudou’s user count jumped nearly 30% after the bans. Other shady folks are now looking at platforms like ChatMe and SafeW. Talk about a real “find a new spot and keep on trading” vibe. 🚨

These platforms work like Telegram, but without all the annoying moderation. So, yes, the illicit networks are still around. They just moved to a different neighborhood. 🚪

Guarantee Market Model

So, what’s the deal with these groups? They’re not directly selling drugs or weapons (because, of course, that would be too easy). Instead, they act as escrow services for illegal deals. Sellers put up a security deposit, and if they try to scam someone, they lose it. Great for the sellers, not so much for the buyers.

Buyers can pick all sorts of fun things like fake IDs, SIM cards, and even surveillance tools. It’s like a shady Amazon. And the best part? Everything runs through crypto, so it’s nearly impossible to track anyone. A fraudster’s dream come true. 🥳

Read More

2025-06-06 15:36