Massive 'Illicit' Online Marketplace Shuts Down After Telegram Takes Action
The marketplace, Haowang Guarantee, operated via Telegram and reportedly had upwards of $26B in USDT transactions flow through it.
Haowang Guarantee, perhaps the largest online illicit marketplace, was shut down after Telegram’s intervention, The Block reports.
What’s the Scoop?
- Largest Illicit Marketplace: Haowang, a Telegram-based platform, processed over $27 billion in USDT transactions, making it the largest illicit marketplace to date.
- Stablecoin Evasion: The platform reportedly used USDH, a stablecoin issued by 'partner and shareholder' Huione Group, to evade regulatory scrutiny.
- Telegram Intervenes: Following mounting concerns, Telegram facilitated the shutdown of Haowang earlier this week.
Bankless
It’s time to break up with your bank, and join the movement for a better world.
