The Booming Chinese Crypto Scam Ecosystem on Telegram: A Growing Concern for Global Cybersecurity

Crypto Scams Reach Unprecedented Levels

Cryptocurrency scams, once a niche activity on the dark web, have exploded in scale and sophistication. According to a new analysis by Elliptic, two Chinese-language markets on the messaging service Telegram, Tudou Guarantee and Xinbi Guarantee, are facilitating close to $2 billion a month in illicit transactions. These scams, known as pig butchering, are now the world's most lucrative form of cybercrime, pulling in around $10 billion annually from US victims alone.

Telegram's Role in Hosting Scammers

Despite occasional bans, scammers have persisted on Telegram, relaunching channels and accounts when they are taken down. This has allowed the two top markets to grow to immense scale, rivaling and even surpassing historical dark-web marketplaces like AlphaBay and Hydra.

North East India and the Broader Indian Context

While the epicenter of these scams is in Southeast Asia, their impact is felt globally. India, including the North East region, is not immune to these scams. In fact, the lack of regulation and the growing popularity of cryptocurrencies in India make it a fertile ground for these scams to thrive.

The Scale of the Problem

The Chinese-language, Telegram-based market used largely by crypto scammers, Huione Guarantee, facilitated a staggering $27 billion in transactions from 2021 to 2025, dwarfing every online black market before it. Even after being banned, the market's successors, Tudou Guarantee and Xinbi Guarantee, are together carrying out tens of billions of dollars in annual transactions.

The Future of Crypto Scams and the Need for Action

The response to this ballooning scam industry has yet to reach the level of coordination and urgency needed to combat it effectively. As Jacob Sims, a visiting fellow at Harvard's Asia Center, puts it, "There is impunity on all levels that prevents any meaningful disruption." It is crucial for international governments and law enforcement agencies to collaborate and take decisive action against these scams before the damage they cause becomes even more severe.