Telegram Now Hosts the Biggest Black Markets in History, Report Finds

The world's largest online black markets are no longer hidden on the dark web. They're operating in plain sight on the messaging app Telegram, facilitating a staggering $2 billion a month in illicit transactions for Chinese-speaking crypto scammers, according to a new analysis from crypto tracing firm Elliptic. These sprawling criminal ecosystems are bigger than ever before, dwarfing notorious predecessors like Silk Road and AlphaBay.

Despite a brief dip after Telegram banned two major markets earlier this year, the current top two, known as Tudou Guarantee and Xinbi Guarantee, have roared back. According to Elliptic, they now enable close to $2 billion in monthly transactions. Their offerings include money-laundering services, stolen data, fake investment websites, AI deepfake tools, and even human trafficking services like pregnancy surrogacy and teen prostitution.

“When you consider illicit use of crypto assets, there really isn’t anything larger right now,” says Tom Robinson, Elliptic’s cofounder. For context, the infamous dark-web market AlphaBay facilitated over $1 billion in its entire two-and-a-half-year run. The Russian market Hydra processed over $5 billion in seven years. By comparison, one banned Telegram market, Huione Guarantee, facilitated an astounding $27 billion between 2021 and 2025.

While Telegram did ban Huione Guarantee in May after it was sanctioned by the U.S. Treasury, the company has taken a different approach to its successors. In a statement to WIRED, Telegram argued against a "blanket ban," claiming these channels offer Chinese users an outlet to circumvent "oppressive restrictions imposed by authoritarian regimes" and achieve "financial autonomy."

Critics find this justification untenable. Erin West, a former prosecutor who now leads an anti-scam organization, says Telegram has "the ability to shut down a scam economy and the trafficking of human beings. Instead, they’re hosting Craigslist for crypto scammers." The stablecoin Tether (USDT) also plays a key role as the currency of choice, yet the company behind it has rarely used its centralized power to freeze the vast criminal money flows. Neither Telegram nor Tether responded to recent requests for comment on their role in the black markets.