Telegram Bans $35 Billion Black Markets Used To Sell Stolen Data, Launder Crypto

An anonymous reader quotes a report from Ars Technica: On Thursday, Telegram announced it had removed two huge black markets estimated to have generated more than $35 billion since 2021 by serving cybercriminals and scammers. Blockchain research firm Elliptic told Reuters that the Chinese-language markets Xinbi Guarantee and Huione Guarantee together were far more lucrative than Silk Road, an illegal drug marketplace that the FBI notoriously seized in 2013, which was valued at about $3.4 billion. Both markets were forced offline on Tuesday, Elliptic reported, and already, Huione Guarantee has confirmed that its market will cease to operate entirely due to the Telegram removal.

The disruption of both markets will be 'a big blow for online fraudsters,' Elliptic confirmed, cutting them off from a dependable source for 'stolen data, money laundering services, and telecoms infrastructure.' Elliptic reported that Telegram connected black markets with an audience of a billion users, noting that Telegram tried to remove several Huione Guarantee channels earlier this year, but 'the marketplace was ready' with backups and remained online until this week. Wired suggested that Huione Guarantee 'operated in plain sight' on Telegram for years. But Telegram suggested it just discovered it. Huione Guarantee is a subsidiary of Huione Group, which was recently sanctioned by the U.S. Treasury for supporting 'criminal syndicates who have stolen billions of dollars from Americans.' According to Reuters, that included allegedly laundering 'at least $37 million in crypto from cyber heists by North Korea and $36 million of crypto from so-called 'pig butchering' scams.'

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