Telegram takes down $35 billion black-market networks, but illicit operators plan comeback

By: bitcoin ethereum news|2025/05/15 20:15:05
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Telegram has taken down thousands of accounts linked to two massive black-market networks, Xinbi Guarantee and Haowang Guarantee, effectively turning off their operations. Blockchain firm Elliptic reported these networks facilitated over $35 billion in stablecoin transactions through Telegram-based marketplaces. Despite the crackdown, the operators of these illicit marketplaces are reportedly not backing down. Tom Robinson, co-founder of Elliptic, told CryptoSlate that these platforms are too profitable to be abandoned altogether. As such, the operators are trying to revive their operations on the social messaging application. Haowang shuts down On May 13, Haowang Guarantee confirmed it would cease operations because its NFTs, groups, and channels were removed from Telegram. Elliptic stated that the platform functioned as a digital bazaar for illicit services, offering access to stolen data and money laundering services. It mainly catered to Southeast Asian clients, including crypto scammers. The market allegedly processed over $27 billion in stablecoin transactions, making it the most significant illicit crypto marketplace. Elliptic stated that USDH, a dollar-backed stablecoin linked to the Huione Group, was a key facilitator of its transactions . Huione is a Cambodian financial firm accused of using its crypto products, including Huione Pay and Huione Crypto, to sidestep global sanctions and regulatory checks. As a result, US authorities have moved to block Huione Group from the American financial system. Earlier this month, the Treasury’s Financial Crimes Enforcement Network (FinCEN) described the entity as a money laundering operation that processed over $4 billion in illegal funds, some of which were stolen by North Korean hackers. However, the Huione operators appear focused on continuing their business despite Haowang’s exit. Robinson noted that the illicit marketplace team has urged users to migrate to Tudou Guarantee, another platform with apparent ties to Huione. Xinbi eyes comeback despite closure Like Haowang, Telegram also dismantled Xinbi Guarantee, a secondary but equally notorious platform operating via the messaging application. According to Elliptic, the illicit marketplace offered money laundering services and even more extreme offerings such as intimidation services and sex trafficking. Xinbi allegedly handled $8.4 billion in USDT, with links to North Korea also identified. Elliptic pointed out that what sets Xinbi apart is its claim of legitimacy through incorporation under Xinbi Co. Ltd in Colorado. However, despite the reported shutdown, Xinbi’s team appears to be regrouping. Robinson told CryptoSlate : “Xinbi Guarantee are trying to relaunch as “Xinbi 2.0′′ – it remains to be seen whether Telegram will pursue them further.” Source: https://cryptoslate.com/telegram-takes-down-35-billion-black-market-networks-but-illicit-operators-plan-comeback/

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On March 4, 2026, DDC Enterprise Limited (NYSE American: DDC) today announced preliminary, unaudited full-year financial performance for the year ended December 31, 2025. The company expects to achieve record revenue and record positive adjusted EBITDA, primarily driven by continued growth in its core consumer food business and overall margin improvement. The final audited financial report is expected to be released in mid-April 2026.


2025 Full-Year Financial Highlights


Revenue: Expected to be between $39 million and $41 million, reaching a new company high.


Organic Growth: Excluding the impact of the company's strategic contraction of its U.S. operations, core revenue is expected to grow 11% to 17% year over year.


Gross Profit Margin: Expected to be between 28% and 30%, reflecting continued operational efficiency improvements.


Adjusted EBITDA: The company expects to achieve a positive full-year result in 2025, a significant improvement from a $3.5 million loss in 2024, mainly due to rigorous cost controls and a higher-margin sales mix.


Core Consumer Food Business Performance


In 2025, DDC's core consumer food business maintained strong operational performance.


The company also disclosed Core Consumer Food Business Adjusted EBITDA, a metric that further excludes costs related to its Bitcoin reserve strategy and non-cash fair value adjustments related to its Bitcoin holdings from adjusted EBITDA to more accurately reflect the core business performance.


In 2025, Core Consumer Food Business Adjusted EBITDA is expected to be between $5.5 million and $6 million.


Bitcoin Reserve Update


In the first half of 2025, DDC initiated a long-term Bitcoin accumulation strategy, holding Bitcoin as its primary reserve asset.


As of December 31, 2025: The company holds 1,183 BTC.


As of February 28, 2026: Holdings increased to 2,118 BTC


Today's additional purchase of 65 BTC brings the company's total holdings to 2,183 BTC


DDC Founder, Chairman, and CEO Norma Chu stated, "We are proud to have closed 2025 with record revenue and positive adjusted EBITDA, demonstrating the steady growth of the company's consumer food business and the ongoing improvement in profitability. We are building a disciplined, growth-oriented food platform and strategically allocating capital to Bitcoin assets with a long-term view, aligning with our core beliefs. We believe that this dual-track model of 'Steady Consumer Business + Strategic Bitcoin Reserve' will help DDC create lasting long-term value for shareholders."


Adjusted EBITDA Definition
For the full year 2025, the company defines "Adjusted EBITDA" (a non-GAAP financial measure) as: Net income / (loss) excluding the following items:· Interest expense· Taxes· Foreign exchange gains/losses· Long-lived asset impairment· Depreciation and amortization· Non-cash fair value changes related to financial instruments (including Bitcoin holdings)· Stock-based compensation


About DDC Enterprise Limited


DDC Enterprise Limited (NYSE: DDC) is actively implementing its corporate Bitcoin Treasury strategy while continuing to strengthen its position as a leading global Asian food platform.


The company has established Bitcoin as a core reserve asset and is executing a prudent, long-oriented accumulation strategy. While expanding its portfolio of food brands, DDC is gradually becoming one of the public company pioneers in integrating Bitcoin into its corporate financial architecture.


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