Chinese-language networks operating on Telegram are becoming the backbone of the world's largest illicit cryptocurrency economy.
These groups have gone far beyond the Dark Web by combining fraud, AI-powered forgery, and money laundering into a closed, industrial system.
The market on Telegram has now far surpassed the Dark Web giants of the past.
Their scale is unprecedented. According to data from Elliptic , the Huione Guarantee platform (later renamed Haowang Guarantee) processed $27 billion between 2021 and 2025.
This number even surpasses all the largest Dark Web marketplaces ever created .
After Telegram blocked the Huione channel in May 2024 , activity shifted to other marketplaces. Currently, two marketplaces are dominant:
- Tudou Guarantee: approximately $1.1 billion per month
- Xinbi Guarantee: approximately $850 million per month
The Medium monthly volume on these two marketplaces is even higher than AlphaBay's total transaction volume throughout its entire existence.
Why Telegram is replacing the Dark Web.
Telegram offers public channels, an escrow-like money-holding system, and instant global accessibility. Users don't need the Tor browser or complex technical knowledge.
These marketplaces fully replicate the distinctive features of the Dark Web:
- Seller reputation rating system
- Intermediary for holding funds and resolving disputes.
- Payment using stablecoin
- Quickly change the name and rebuild the brand after each time it gets blocked.
In fact, Telegram has become the "Dark Web without barriers".
The crypto scam market fuels a global fraud industry.
These markets don't sell drugs or weapons on a large scale, but focus on tools used for fraud.
The primary clients are in the "pig-butchering" industry. Long-term romance scams and investment fraud schemes generate approximately $10 billion annually from victims in the U.S. alone, according to federal data.
This activity is mainly concentrated in Southeast Asia. Many places employ forced labor in the form of scam factories.
The marketplaces on Telegram offer:
- Money laundering services
- Fake investment platform
- Personal identity stolen
- Tools for impersonating telecommunications and social networks.
The fraudulent economy and illegal markets thrive together.
AI face-swapping tools increase fraud.
The main driving factor is artificial intelligence. Telegram groups using Chinese are selling many advanced tools such as:
- Real-time face-swapping software
- Voice cloning and impersonation tools
- Deepfake identity spoofing kit
These technologies allow criminals to impersonate real people during video calls. This makes victims much more likely to trust them and fall into their traps.
Experts consider this a process of "socially fraudulent industrialization." Everything operates like a mass production line.
USDT is a pillar of finance.
Almost all transactions are settled using Tether (USDT). Unlike other decentralized cryptocurrencies, USDT has the ability to freeze accounts – but in practice, this feature is rarely used widely.
Therefore, this highly centralized stablecoin is becoming the cornerstone of some of the largest illicit marketplaces ever recorded. This concentrates all risks, from fraud and money laundering to cross-border scams.
Telegram has previously taken down many large illegal marketplaces. But each time an old marketplace is shut down, a new one replaces it within just a few weeks.
Market owners rotate their operations constantly, and liquidation shifts very quickly.
According to Elliptic, there are currently around 30 active Telegram marketplaces using Chinese. The total value of transactions each year amounts to tens of billions of USD, primarily in cryptocurrency.
Law enforcement measures are fragmented and inconsistent.
Overall, this is no longer just a story about isolated cybercrime incidents.
Public messaging platforms are now the "playground" for the concentration of global illicit finance. Networking based on language is more important than geographical location; technological tools are changing the way scams are conducted.
As a result, this criminal ecosystem has grown larger than anything the Dark Web has ever created – and it operates openly, right in front of everyone's eyes.
Without coordination between platforms, stablecoin issuers, and law enforcement agencies, this system will continue to expand.
