Chinese Crypto Scammers on Telegram Are Fueling the Biggest Darknet Markets Ever

**Telegram-hosted Chinese-language crypto black markets have become the largest online illicit marketplaces in history**, enabling money laundering, sales of scam tools, and services that support large-scale ‘pig butchering’ romance and investment scams. Elliptic’s analysis attributes billions of dollars in monthly transactions to markets such as Tudou Guarantee and Xinbi Guarantee, and estimates Huione facilitated roughly $27 billion from 2021–2025, highlighting massive financial impact and ongoing criminal exploitation on a mainstream messaging platform.