Crackdown on Digital Black Markets: Telegram Shuts Down Huione and Xinbi
Telegram has deactivated two major Chinese-language digital black markets, Xinbi Guarantee and Huione Guarantee, known for cybercrime. These platforms allegedly facilitated transactions worth over $35 billion. The U.S. Treasury has condemned the Huione Group, linked to North Korean cyber activities, highlighting increased scrutiny on illicit online activities.
Two prominent digital black markets, Xinbi Guarantee and Huione Guarantee, operating on Telegram have been dismantled by the platform, according to an announcement made on Thursday.
These Chinese-language markets were notorious for aiding cybercriminals and offering services like money laundering. Telegram maintained that scamming and such illegal activities are against its terms and always result in removal.
Elliptic, a blockchain research firm, reported that over $35 billion in transactions had been facilitated by these markets, far surpassing infamous predecessors like Silk Road. The closure deals a significant setback to online fraudsters reliant on these services.
(With inputs from agencies.)
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