Telegram has taken a major step in combating cybercrime by removing two prominent black markets, Xinbi Guarantee and Huione Guarantee. These markets are estimated to have generated over $35 billion since their inception in 2021. The markets were instrumental in facilitating illegal activities such as the sale of stolen data, money laundering through cryptocurrency, and providing telecoms infrastructure to cybercriminals. The removal of these markets has been attributed to pressure from blockchain research firm Elliptic, which highlighted their scale and profitability, surpassing even the notorious Silk Road, an illegal drug marketplace seized by the FBI in 2013. The markets were forced offline on Tuesday, and Huione Guarantee has already confirmed their complete cessation due to the Telegram removal. The disruption of these markets will be a significant blow to online fraudsters, as they have been cut off from a reliable source for stolen data, money laundering services, and telecoms infrastructure. Elliptic reported that Telegram connected black markets with an audience of a billion users, underscoring the platform’s role in enabling these activities. The firm noted that Telegram had previously attempted to remove several Huione Guarantee channels earlier in the year, but the marketplace had backups and remained operational until this week. Wired suggested that Huione Guarantee operated in plain sight on Telegram for years, although Telegram stated it had only recently discovered its existence. Huione Guarantee is a subsidiary of Huione Group, which was recently sanctioned by the U.S. Treasury for supporting criminal syndicates that have stolen billions of dollars from Americans. This includes laundering at least $37 million in cryptocurrency from cyber heists attributed to North Korea and $36 million from so-called ‘pig butchering’ scams. The removal of these markets marks a significant development in the ongoing struggle against cybercrime, as it disrupts the infrastructure that has long supported illicit financial activities. This move by Telegram highlights the evolving role of messaging platforms in the fight against cybercrime and the importance of private sector cooperation with regulatory bodies in addressing financial crimes and cybersecurity threats.