Online black markets have transitioned from the dark web’s hidden corners to public platforms like Telegram, resulting in unprecedented illicit gains. Initially reliant on cryptocurrency and Tor’s anonymity, today’s black-market dealings center around Chinese-speaking crypto scammers leveraging messaging services to facilitate transactions worth billions.
A recent analysis by Elliptic reveals the surge in marketplaces catering to Chinese scammers on Telegram, notably Tudou Guarantee and Xinbi Guarantee. These platforms, despite facing intermittent bans, drive nearly $2 billion in monthly money-laundering activities, sale of illicit tools, and diverse black market services including deepfake AI tools and illegal services like pregnancy surrogacy and teen prostitution.
The ‘pig butchering’ scams, involving romance and investment fraud, have evolved into the most profitable cybercrime, generating approximately $10 billion annually from US victims alone. By providing money-laundering services to these criminal networks, platforms like Tudou Guarantee and Xinbi Guarantee have expanded exponentially.
Source: WIRED
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