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Telegram Bans Major Crypto Scams, Halting $35 Billion Fraud

6/24/2025

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Summary

Story summary

Telegram banned major Chinese-language crypto scam marketplaces, Haowang Guarantee and Xinbi Guarantee, on May 13, stopping $35 billion in illicit transactions.
Smaller markets, such as Tudou Guarantee, have quickly grown, processing $15 million daily in crypto payments.
Elliptic highlights that these scams persist, causing significant harm to millions worldwide.

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Story summary

Telegram banned major Chinese-language crypto scam marketplaces, Haowang Guarantee and Xinbi Guarantee, on May 13, stopping $35 billion in illicit transactions.
Smaller markets, such as Tudou Guarantee, have quickly grown, processing $15 million daily in crypto payments.
Elliptic highlights that these scams persist, causing significant harm to millions worldwide.