One month ago, the messaging app Telegram summarily beheaded the online industry of Chinese-language crypto scam services: It banned virtually all accounts related to the first and second most popular marketplaces for vendors offering money laundering, stolen data, and a variety of other illicit wares to the vast criminal enterprises carrying out investment scams from compounds across Southeast Asia. On Monday, crypto tracing firm Elliptic published a new report showing how the industry of Telegram-based Chinese-language black markets for crypto scammers has bounced back in the wake of Telegram's takedown last month of the two biggest of those bazaars, known as Haowang Guarantee and Xinbi Guarantee. Before Telegram banned the two markets' channels and usernames on May 13, they had together enabled a staggering $35 billion in transactions, much of which represented money laundering by crypto scam operations that steal billions from Western victims and force tens of thousands of...
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