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According to WIRED and the analytics firm Elliptic, the Telegram messaging app has become the hub for the largest illicit crypto market ecosystem in history. Specifically, these are the Chinese-language platforms Tudou Guarantee and New Coin Guarantee, which have a colossal turnover approaching $2 billion per month. The primary operations on these platforms are related to money laundering and facilitating fraudulent schemes, making them the largest ever to exist online.
Going Public
Previously, these illicit platforms were closed and prohibited, but today they operate within public messaging apps. Access is simply a matter of knowing the language and bypassing restrictions. Channels where trading occurs are regularly deleted and recreated, but this doesn't prevent the markets from quickly recovering and continuing to grow. Telegram has become the key infrastructure for this illicit activity.
Transaction Volumes
According to Elliptic, the volume of new markets has already surpassed previously established darknet markets. For example, Huione Guarantee processed $27 billion from 2021 to 2025, making it the largest illicit online marketplace in history. This highlights how quickly and effectively these platforms adapt to changes in legislation and technology.
Cryptocurrency Fraud and Scams
The primary demand for these illicit markets is generated by cryptocurrency fraudsters, particularly through schemes known as "pig butchering." These operations often originate from Southeast Asia, and according to the FBI, victims of such schemes lose approximately $10 billion annually in the US alone. Telegram platforms offer money laundering services and deception tools, making them particularly attractive to scammers.
The Role of Stablecoins and Infrastructure Participants
The role of infrastructure participants in this ecosystem deserves special attention. The USDT stablecoin remains the primary payment instrument on such platforms. Its centralized model allows for the freezing of funds, but in practice, such measures are rarely applied. A similar situation is observed with moderation on Telegram, where control over content and user activity leaves much to be desired.
The Need for International Coordination
Experts agree that local measures to combat illegal crypto markets are ineffective. International coordination is needed to effectively counter this threat. Until such a priority is established, this creates a sense of impunity for participants in illegal markets, which only exacerbates the situation.
In conclusion
Thus, Telegram, having become a key player in this space, continues to be a platform where illegal crypto markets develop and thrive, raising serious concerns among law enforcement agencies and analysts around the world.
