
According to a report by Elliptic, the Telegram market HuiOne Guarantee has reached a total transaction volume of $24 billion, making it the largest illegal platform in history. Maidanchyk began its activity in 2021, initially specializing in the sale of cars and real estate, but later became a hotbed of fraudulent operations, money laundering and trading in stolen data.
The HuiOne platform came to public and law enforcement attention in mid-2024 when it became known that it was linked to organized crime groups and used to launder funds from fraudulent schemes. In particular, the site advertised cryptocurrency laundering services and even the sale of “smart” handcuffs for victims of human trafficking. As a result, Tether has frozen $29.62 million worth of market-related assets.
In addition, Elliptic discovered a connection between one of HuiOne’s wallets and the North Korean hacking group Lazarus, which was transferring stolen digital assets through the platform. It is also reported that more than $6 billion of cryptocurrency passed through the Telegram bot HuiOne, which is mainly used for online gaming and gambling.
In early 2025, HuiOne Group launched new crypto products, including USDH stablecoin and a decentralized cryptocurrency exchange. This is considered an attempt to reduce the risks of blocking the site by providers such as Tether or Telegram. The HuiOne Guarantee marketplace began as a platform for trading cars and real estate, but later turned into a place for illegal activities. After the fraud scheme became public, the platform was renamed Haowang Guarantee and distanced itself from its parent company HuiOne Group. According to the UN report, this market has close ties to Cambodia, where fraudulent centers masquerading as legitimate business parks are located.
HuiOne Guarantee continues to expand its activities despite sanctions and the blocking of cryptocurrency assets, and remains a serious threat to international security. The lack of strict regulation and the ability to operate anonymously make such platforms attractive to criminal groups around the world.