Telegram has closed the Haowang illicit market guarantee, previously Huione Garantea, which has facilitated transactions for a total of more than $ 27 billion in Stablecoins since 2021.
Haowang closed according to the ideas provided by Blockchain Elliptic’s analysis firm on Tuesday.
The closure took place in the midst of an offensive against thousands of alleged Chinese cryptomote crypto channels operating on Telegram, after the elliptical report in the Xinbi market guarantee.
Telegram has now closed both Huione and Xinbi, which prosecuted a combination of illicit transactions of $ 35 billion in Stablecoins, wrote Elliptical on a web publication on Wednesday.
“Our analysis indicates that Huione’s guarantee has facilitated transactions for a total of more than $ 27 billion since its launch in 2021, which makes it the largest online market that has operated,” Elliptical wrote.
Xinbi was the second largest, which had prosecuted transactions worth $ 8.4 billion since 2022, added elliptical.
For perspective, the notable markets of “Dark Web”, such as Silk Road and Alphabay, processed $ 216 million and $ 639 million respectively.
These markets historically operated through the Anonymous Tor browser, but more recently their operations have changed to Telegram, the messaging application with more than one billion users.
Huione and Xinbi are called “guarantee” markets, a term designated for platforms that do not sell goods and services, but provide a place for merchants to sell to customers.
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