Telegram Replaces Darknet as Largest Crypto Black Market

The messaging service Telegram has become the largest crypto black market platform ever documented. This emerges from a recent investigation by blockchain analysis firm Elliptic. According to the findings, Chinese-speaking users conduct approximately two billion US dollars in cryptocurrencies monthly through corresponding Telegram channels ^[1].

Particularly dominant are the platforms Tudou Guarantee with monthly volumes of 1.1 billion US dollars and Xinbi Guarantee with approximately 850 million US dollars in transaction volume. The formerly largest marketplace Huione Guarantee allegedly processed transactions totaling 27 billion US dollars between 2021 and 2025 before Telegram blocked it in May ^[1].

These marketplaces offer money laundering services, stolen data, fraudulent investment websites, and AI-based deepfake tools. The platforms serve as central infrastructure for large-scale fraud schemes such as "pig butchering," which according to the FBI causes approximately ten billion US dollars in damages annually among US victims alone ^[1].

According to Elliptic, easy access and the rapid reopening of blocked channels have replaced the technical barriers of traditional darknet markets. Telegram stated that it reviews reported cases individually, which has been criticized by analysts ^[1].