Illicit Crypto Markets Huione and Xinbi Resurface After Telegram Ban, Process Billions in Stablecoins

Illicit cryptocurrency marketplaces Huione Guarantee and Xinbi Guarantee, previously banned from Telegram for facilitating criminal activities, have quickly re-emerged under new names and alternative platforms. According to TRM Labs, both networks continue to enable high-volume crypto transactions, mainly using stablecoins like USDT. Huione has processed over $80 billion since 2021, and Xinbi over $8.4 billion since 2022, overtaking previous darknet markets in scale. Despite U.S. sanctions and Telegram’s enforcement, the groups have successfully migrated their operations to platforms such as Tudou Guarantee, ChatMe, and SafeW, with user numbers rebounding rapidly. These platforms don’t sell prohibited goods directly but provide escrow services for illicit deals including identity fraud and surveillance tools, making enforcement challenging. Their resilience and migration highlight significant obstacles for global crypto regulation and anti-money laundering efforts. The ongoing operations of such underground stablecoin markets raise concerns for crypto traders, as persistent criminal flows could put added scrutiny and risk on stablecoin ecosystems and privacy-focused blockchain transactions.