Haowang Guarantee Shuts Down After Telegram Blocks Accounts

Haowang Guarantee, formerly known as Huione Guarantee, has announced that it will cease operations effective immediately. The company made this announcement on its official website, citing the blocking of all its NFTs, channels, and groups by Telegram as the reason for its decision. This move by Telegram occurred on Monday when the messaging platform banned thousands of accounts that were part of a large third-party vendor market. Many of these vendors were providing services such as money laundering to the thriving East Asian cryptocurrency scam industry.

Haowang Guarantee's decision to shut down comes in response to these actions by Telegram. The company's operations were heavily reliant on Telegram for communication and coordination, and the blocking of its accounts has made it impossible for the company to continue its activities. The United Nations had previously identified Huione Guarantee and other illicit cryptocurrency projects as "powerful tools" for cybercrime groups, highlighting the company's involvement in illegal activities.

This development underscores the challenges faced by companies operating in the cryptocurrency space, particularly those involved in illicit activities. The blocking of Haowang Guarantee's accounts by Telegram is a significant blow to the company, and its decision to cease operations is a direct result of this action. The cryptocurrency industry has long been plagued by scams and illegal activities, and this incident serves as a reminder of the need for greater regulation and oversight in the sector.

The shutdown of Haowang Guarantee is likely to have ripple effects throughout the cryptocurrency industry. Other companies involved in similar activities may face increased scrutiny and pressure to comply with regulations. The incident also highlights the importance of communication platforms like Telegram in facilitating the operations of cryptocurrency companies, and the potential consequences of their actions on the industry as a whole.