In a bold move, Telegram has banned two massive scam networks—Huione and Xinbi Guarantee—linked to $35 billion in fraudulent USDT transactions. This crackdown comes after intense pressure from U.S. authorities, marking a critical moment in the fight against crypto crime. But will it be enough to stop these resilient networks?
Telegram Scam Networks: A $35B Threat
Telegram’s decision to ban Huione and Xinbi Guarantee follows sanctions from the U.S. Treasury Department. These networks exploited Telegram for coordination, facilitating billions in illicit USDT transactions. Key impacts include:
- Huione’s transaction volume dropped by 50% after the ban.
- Xinbi Guarantee faced operational disruptions but rebounded with a 90% volume surge.
- Affiliate Tudou Guarantee saw a 70x spike in illicit inflows, showing rapid adaptation.
USDT Fraud: The Role of Messaging Platforms
While blockchain transactions are public, scams thrive on private platforms like Telegram for coordination. This crackdown highlights:
| Challenge | Impact |
|---|---|
| Platform Dependence | Scams rely on messaging apps for recruitment and execution. |
| Regulatory Pressure | U.S. sanctions forced Telegram to act. |
| Network Resilience | Huione Pay and USDH remained active post-ban. |
Crypto Crime: The Road Ahead
Experts emphasize the need for:
- Proactive monitoring using AI and machine learning.
- Enhanced international collaboration.
- User vigilance in verifying sources and securing assets.
Telegram’s crackdown is a step forward, but the war against crypto crime demands sustained innovation and cooperation.
FAQs
Q: What were Huione and Xinbi Guarantee?
A: They were scam networks facilitating $35B in fraudulent USDT transactions via Telegram.
Q: Why did Telegram ban them?
A: Due to U.S. pressure, including Treasury Department sanctions against Huione’s wallets.
Q: Did the bans stop the scams?
A: No. Affiliates like Tudou Guarantee saw a 70x surge, showing adaptability.
Q: How can users protect themselves?
A: Verify sources, secure assets, and report suspicious activity.
