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13. May 2025. Years were forced from two huge illegal markets, the guarantee of Huion and Xinbi guarantee. Together, these platforms facilitate transactions in the amount of over $ 35 billion in stems, for goods and services ranging from money laundering and stolen data and human trafficking. This market is excluded with telegram, based on the insights provided by elliptic.
Some of the earliest adoptops of cryptoturket were an illegal internet market like a silk road and aphaba. These DarkNet markets were accessed by Tor, an anonymous web browser. Recently, illegal market plans are largely moved to work through an instant messaging application, which provides access to the audience over a billion users.
The most popular among this new generation platform are the guarantee market: mostly Chinese language languages market that meet the needs on network scammers. The guarantees of Marketplaces are the key emissions of huge global lamps, providing goods and services required by fraudsters in China and Southeast Asia to operate on the industrial scale. Online fraud should no longer find contact information about the victim, build communication infrastructure or washing victims of victims of victims – each of them can now be agriculture providers selling their products through these markets.
Market guarantee does not sell goods and services, but instead provide a place for individual retailers to buy customers. The market administrator controls access and manages anti-fraud mechanisms such as traders deposits (“guarantees”) and escrow services. Bots are used to monitor transactions, and almost all payments are carried out in Ther in stable. This results in a place where customers and sellers feel safe for the transaction, despite not being revealed to identities.
Until this week, the largest such market was Huion’s guarantee (also known as “Haowang guarantee”). Huione Group is a Cambodian conglomerate with interests in various industries, including payment business, Huione Pay. Until last year, Huione warranty was prominently prominent on the Huione Pay website, directing users to market telegrams of the channel. Elliptical exposed Huione guarantee as a fraud market in July 2024. years. Our analysis indicates that Huion guarantee facilitated transactions in the total amount of more than $ 27 billion in 2021. years, which makes it the largest illegal online market for ever operating.
The second maximum warranty market was a guarantee of Xinbi. Almost identical in structure and offers, the Xinbi guarantee and its merchants received over $ 8.4 billion from 2022. year, sufficient to make another biggest illegal online marketplace market. In our Exposé We discovered that, out of offer especially for fraud, traders offered accompaniment, intimidation – as-aaaaa-service, and even sold access to women who are willing to act as a surrogate that are willing.
These two markets were great in the scope and volume of the transaction, together receiving more than $ 35 billion in the USDT. To put it in perspective, they far outdown DarkNet markets like a silk road ($ 216 million) and aphapac ($ 639 million). The largest known market-based market was Russian-language hydraulic hydraulic, to $ 5.6 billion.
At the beginning of 2025. year, the telegram seems to have tried to take measures against Huion’s guarantee, deleting many channels on which he relied. However, the market was ready – using backups to re-create markets on new channels and fingering their usernames (represented as NFTS Trabava) On these new channels. In this process, the Huion guarantee has lost a large number of users – one central channel decreased with over 800,000 users at about 250,000 – but the market continued to work.
13. Maja Telegram went a step further and deleted the channels and banned associated usernames, for the Huione and the Xinba guarantee. Ban usern names is comparable to revoke the domain of the website. Market administrators could no longer use to direct users to new channels, making it far more difficult to restart again.
Later that day, the Huion guarantee announced that she would close permanently. However, it seemed to encourage their merchants and other users to migrate to another guarantee market, the Tudo guarantee, in which in December 2014. He received a share by 30% in December 2024. Years.
The reaction of the Xinbi guarantee appears to be re-running as “Xinbi 2.0” and make users to new channels and usernames, although some users are careful by the administrator.
This closing of the two maximum markets is extremely important for the network ecosystem of the criminal market, and the Chinese money laundering networks given by these platforms. The administrators of these markets believed that the telegram was a safe home, exempt from total moderation and censorship. This has been shown that it is not true. It remains to be seen whether a telegram will continue to continue many guarantee market that remain in function, as well as those who have excluded, but who have started afterwards. If this is the case, administrators will have to find new platforms to host their markets. There are already indications that some guarantee markets want to create their own applications – they really have launched their own clone telegrams.
Elliptical data and transparency of the cryptoasca enabled financial infrastructure behind these markets to understand and quantify, leading to a broader understanding of the nature of these platforms. These insights have led directly to the two largest illegal markets of all time to turn off. This is a great victory for anyone who targeted network scams.
Closing Xinbi and Huione illustrate that centralized services such as telegrams will probably not be secure refuge for criminal on the market, and this can encourage the development of decentralized alternatives. They would provide communication methods resistant to censorship, with a payment resistant to the censorship resistant to the payment facilified.
