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Telegram Is Still Hosting a Sanctioned $21 Billion Crypto Scammer Black Market

WIRED·Andy Greenberg·about 2 months ago
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For three and a half years, the messaging platform Telegram has served as the home of a sprawling black market known as Xinbi Guarantee , an anarchic, Chinese-language bazaar offering money laundering services to crypto scammers, products like electrified batons and tasers for those same scammers' human trafficking operations , and even at times other assorted criminal services ranging from harassment-for-hire to teen prostitution. Despite WIRED and crypto crime researchers repeatedly pointing out that blatantly criminal activity to Telegram, the company has since allowed Xinbi Guarantee to grow into the biggest black market on the internet, one that's facilitated a staggering $21 billion in total transactions. The full extent of Telegram's failure to eradicate the scam marketplace was put to the test late last in March when the UK government officially sanctioned Xinbi Guarantee and designated it a facilitator of human trafficking.…

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