Telegram crypto black markets now make about $2 billion a month for China-based users
Telegram now runs the largest crypto black-market economy ever documented, with Chinese-speaking users transacting literally $2 billion every month.
According to an Elliptic’s investigation released this week, simple access to Telegram, the ability to relaunch banned channels, and Chinese-language moderation have replaced the technical barriers that once defined darknet crime.
Elliptic estimates that one of those markets, Huione Guarantee, moved $27 billion between 2021 and 2025.
2025 has been a year of breakthroughs, takedowns and firsts.
Our blockchain intelligence drove real-world impact at every turn: supporting the $96B Garantex takedown, launching AI-powered Copilot, exposing $35B in illicit Telegram marketplaces and…
