Media reports about the growth of Chinese darknet turnover on Telegram to $2 billion - ForkLog: cryptocurrencies, AI, singularity, the future

# Reports indicate an increase in Chinese darknet turnover on Telegram to $2 billion

Telegram has become the center of a shadow economy built around cryptocurrencies. Chinese-speaking users transfer transactions totaling $2 billion monthly through the platform, WIRED reports, citing Elliptic.

Experts identified two of the largest markets — Tudou Guarantee and Xinbi Guarantee. They offer tools for fraud ( stolen data, investment scam sites, deepfake creation tools ), and other illegal services: from surrogacy to child prostitution.

These services outshine historical counterparts:

• AlphaBay was once the largest darknet marketplace for buying drugs, stolen data, and hacking tools. According to the FBI, it exceeded Silk Road by ten times in volume and processed transactions worth over $1 billion at its peak;
• Hydra is a Russian platform that also offered money laundering services for crypto scammers and hacker groups. Over seven years, it processed about $5 billion.

For comparison, through the Chinese-speaking Huione Guarantee on Telegram, from 2021 to 2025, $27 billion was processed.

“When it comes to illegal use of crypto assets, there is simply nothing larger today,” said Tom Robinson, co-founder and chief scientist of Elliptic.

According to experts, the growth of such platforms is facilitated by the increasingly popular “pig splitting” scheme.

Failed Blockade

In May 2025, the messenger blocked the Huione Guarantee channels (, which by then had renamed to Haowang Guarantee ). In July, TRM Labs analysts called the measures ineffective, which was later confirmed by Elliptic specialists.

The vacated niche was almost immediately taken over by Tudou Guarantee, which maintained links with Haowang owners. Its monthly turnover rapidly reached $1.1 billion, almost matching Haowang’s previous figure of $1.4 billion.

Meanwhile, the second-largest darknet market — Xinbi Guarantee — was also targeted for blocking. However, it was quickly relaunched; its monthly turnover exceeded $850 million.

According to Elliptic, Tudou and Xinbi are just two examples of about 30 similar platforms still actively operating.

Telegram’s Position

In June, WIRED journalists approached Telegram management with questions about why the messenger allows the resurgence of illegal markets.

The company stated that it does not intend to block these platforms again. The decision was explained by the protection of users’ “financial freedom” from China, who, due to strict currency controls, are forced to seek alternative channels for transferring funds.

“We consider each case individually and categorically oppose total bans — especially when users try to bypass repressive restrictions of authoritarian regimes,” Telegram emphasized.

Cybercrime experts called this position hypocritical and dangerous. Elliptic and other analysts pointed out that the vast majority of operations on these markets are criminal in nature.

The main clients of such darknet platforms are fraudulent syndicates. These groups are known for organizing camps in Southeast Asia, where thousands of people are held in captivity and used for forced labor.

"They have the ability to destroy an entire economy of fraud and human trafficking. Instead, they provide Craigslist for crypto scammers. These are just bad guys creating a platform for other bad guys’ businesses," former prosecutor and head of the anti-fraud organization Operation Shamrock Erin West commented.

Role of Tether

The second critically important link in darknet marketplaces is Tether’s USDT stablecoin. This asset is most frequently used by malicious actors for transactions involving illegal goods and services.

Analysts note a paradox: as a centralized issuer, Tether technically has the ability to block and confiscate funds related to criminal activity. However, the company rarely resorts to such measures, which experts call a systemic problem.

Jacob Sims, a transnational crime specialist at Harvard’s Asia Center, compared Tether and Telegram’s efforts to “showy raids” in Southeast Asia. According to him, such actions only create the illusion of fighting, while fraudulent hubs are restored almost instantly.

“Impunity at all levels makes any serious efforts to curb them futile,” he believes.

Sims insists that real change requires a global response similar to the fight against terrorism and drug trafficking.

“The response to this growing threat has not yet reached the necessary level of coordination and resolve. That’s exactly what’s missing to start treating the problem with the seriousness it deserves,” he concluded.

Recall that in early December, the payment business of the Cambodian conglomerate Huione Group — Huione Pay — suddenly ceased operations and froze payments.