Banned by Telegram in May, the Huione and Xinbi Market channels have resurfaced under new names, TRM Labs said in a recent update.
Despite Telegram’s May 13 ban on the notorious Huione Guarantee and Xinbi Guarantee crypto marketplaces, both appear to have reemerged — according to blockchain intelligence firm TRM Labs — following a familiar cybercrime pattern where shuttered platforms resurface under new names, new channels, or slightly altered forms.
In a May 29 blog post, TRM Labs revealed that despite Telegram’s ban on Huione Guarantee’s public-facing vendor channels, Huione Group is “still operating channels for its ‘VIP’ vendors on the platform.” More than that, the Cambodia-based company has also relaunched its crypto exchange, which continues to process payments using its own USDH stablecoin.
TRM Labs also said it found indications that Xinbi Guarantee, banned the same day, had resumed activity on Telegram “within days.” Some vendors linked to Huione Guarantee and its wallet service, Huione Pay, were also active on Xinbi Guarantee, raising the possibility of shared infrastructure or close coordination between the two, the analysts note.
The rise of guarantee marketplaces
Unlike traditional darknet markets, platforms like Huione Guarantee and Xinbi Guarantee don’t operate on Tor or in obscure corners of the internet. They function openly on Telegram and don’t directly sell illicit goods. Instead, they facilitate transactions between buyers and vendors, mostly across Southeast Asia and China.
The concept is straightforward: create a trusted environment for high-risk or illegal deals. Huione Guarantee served as a kind of escrow service. Vendors offered services ranging from SIM cards and fake IDs to surveillance equipment and fake investment platforms. Buyers browsed listings and paid in stablecoins like Tether (USDT).
Huge money, bigger risks
These weren’t marginal operations. TRM Labs said Huione facilitated at least $81 billion in crypto transactions since 2021.
That’s more than the infamous Hydra darknet market before it was shut down in 2022. Xinbi, by comparison, was tied to over $8.4 billion in USDT transactions since 2022. Combined, their volumes appear to surpass every other known illicit marketplace to date, including Silk Road and Alphabay.
Beyond fraud
While financial fraud and identity theft dominated activity on these platforms, some listings were more disturbing. TRM Labs and Elliptic identified vendors offering electric shock devices, metal restraints, and even women marketed as surrogates.
Persistence over platform
The apparent resurgence of these markets underscores how adaptable such networks can be. After Telegram’s enforcement action, some Huione-affiliated vendors migrated to Tudou Guarantee, a platform reportedly backed by Huione last year. According to TRM Labs, Tudou’s user count jumped by nearly 30% in the aftermath.