Telegram, the popular messaging app, is still hosting a black market for crypto scammers that was recently sanctioned by the UK government, according to a WIRED investigation. The platform, Xinbi Guarantee, was designated as an enabler of fraudulent cryptocurrency schemes and human trafficking weeks ago, yet it remains accessible to users worldwide.
Analysts note that Telegram’s decentralized nature and lax content moderation policies have made it a haven for illicit activities. “Telegram has long been a double-edged sword,” said one cybersecurity expert familiar with the matter. “While it offers privacy for legitimate users, it also shelters bad actors who exploit its infrastructure.”
The UK’s sanctions against Xinbi Guarantee were part of a broader crackdown on crypto-related crimes, which have surged in recent years. Officials estimate that the platform facilitated over $21 billion in fraudulent transactions before being flagged. Despite the sanctions, Xinbi Guarantee’s channels on Telegram continue to operate, raising questions about the efficacy of such measures when applied to decentralized platforms.
Looking ahead, experts warn that without stronger enforcement mechanisms, sanctioned entities may simply migrate to other less-regulated platforms. “The cat-and-mouse game between regulators and illicit operators is far from over,” the analyst added.