On Thursday, Telegram announced the removal of two major Chinese-language black markets, Xinbi Guarantee and Huione Guarantee, which, collectively, have generated over $35 billion since 2021, surpassing even the infamous Silk Road marketplace. Cybercrime research firm Elliptic stated this disruption will significantly impact online fraudsters, as they used these platforms for acquiring stolen data, money laundering, and telecommunications services. Huione Guarantee's parent company, Huione Group, is also facing US Treasury action due to its alleged connections with supporting criminal networks. This operation represents a significant blow to the operations of numerous cybercriminals worldwide.
The removal of Xinbi Guarantee and Huione Guarantee by Telegram marks a major disruption to black markets that have thrived on stolen data and money laundering.
Elliptic noted that these Chinese-language markets generated over $35 billion since 2021, overshadowing the infamous Silk Road marketplace.
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