Haowang Guarantee has shut down operations following Telegram’s sweeping crackdown on accounts linked to third-party vendor networks associated with money laundering for East Asian crypto scams. The company announced on its website that Telegram removed all of its NFTs, channels, and groups and will no longer operate on the popular social media app.
Asian crypto scams have been on the rise, with Telegram being one of their channels for executing operations. Following investigations from crypto-tracing firm Elliptic, Telegram opted to initiate its toughest crackdown in line with measures from the U.S Treasury that flagged Huione Group, Haowang’s parent company, as a known money laundering operation. However, experts warn that Haowang and other affiliated crime networks like Xinbi Guarantee may attempt to resume operations under new channels.
Investigations point out that Haowang was involved in more than $27 billion in transactions, offering services ranging from money laundering to tools for scams and human trafficking.
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