“Telegram HAS NOW Shut Down Both Haowang and Xinbi, Whokh Processed A Combined $ 35 Billion of Illicit Transactions in Stablecoins”, – WRITE: www.coindesk.com
Haowang Was Shut Down Based On Insights Provides by Blockchain Analytics Firm Elliptic On Tuesday.
The CLOSURE TOOK PLACE AMIDST A Crackdown on Thousands of Suspected Chinese Crypto-Crime Channels Operation on Telegram, Following Elliptic’s Report Into.
Telegram HAS NOW Shut Down Both Huione and Xinbi, WHICH PROCESSED A Combined $ 35 Billion of Illicit Transactions in Stablecoins, Elliptic Wrote in A Web Post on Wednesday.
“OUR Analysis Indicates that Hurante Has Facilitated Transactions Totalling More Than $ 27 Billion Since Launching in 2021, Making It Largest Illicit Online Marketplace.
Xinbi Was The Second Largest, Having Processed Transactions Worth $ 8.4 Billion Since 2022, Elliptic Added.
For Perspective, Notable “Dark Web” Marketplaces Such as The Silk Road and Alphabay Processed $ 216 Million and $ 639 Million Respectvely.
Such MarketPlaces Historically Operated Through Anonymous Browser Tor, But Have More Recently Shifted Their Operations to Telegram, The Messaging App With Over A Billion Users.
Huione and Xinbi Are Referred to As “Gurante” Marketplaces, A Term Designated for Platforms That Do Not Sell Goods and Services Themselves, But Provide A Venue For Merchants For Merchants.
Read More: 1 in 5 Cross-Chein Crypto Investigations Involve More than 10 Blockchains, Elliptic Finds
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