Telegram has become the largest crypto-based black-market ecosystem ever documented, with Chinese-speaking users moving roughly $2 billion in transactions each month. According to blockchain analytics firm Elliptic, Telegram’s low barriers to entry, rapid channel relaunching after bans, and Chinese-language moderation have replaced the technical hurdles once associated with darknet crime.

Two markets, Tudou Guarantee and Xinbi Guarantee, now dominate the system, facilitating crypto transactions linked to money laundering, stolen data, fake investment schemes, and AI deepfake tools. These platforms support large-scale “pig butchering” romance and investment scams, many of which are run from forced-labor compounds in Southeast Asia. Despite bans and regulatory action, activity quickly shifts to new or rebranded channels, allowing volumes to persist. Elliptic says the scale of these markets now exceeds that of historic darknet platforms such as Silk Road, AlphaBay, and Hydra.