Telegram’s Whack-a-Mole: Crypto Scammers Bounce Back Faster Than a Boomerang
Telegram recently banned major Chinese-language crypto scam services, only to see them re-emerge with new names. Despite a $35 billion illicit market, Telegram’s approach seems to focus on “financial autonomy.” Critics argue it’s more like hosting Craigslist for crypto scammers. Telegram’s crackdown is as effective as a chocolate teapot.
Hot Take:
Telegram’s approach to fighting crypto scams is like playing Whac-A-Mole: smack down one and two more pop up. But hey, at least they’re keeping the digital underworld entertained!
Key Points:
- Telegram banned two major Chinese-language crypto scam marketplaces, Haowang and Xinbi Guarantee, but they have since reemerged.
- New and existing black markets like Tudou Guarantee have filled the vacuum left by the bans, with billions in transactions.
- Telegram’s response to these scams is inconsistent, citing user privacy and financial autonomy as reasons for not imposing blanket bans.
- Critics argue that these marketplaces facilitate money laundering and criminal activities.
- The US Treasury has labeled Huione Group, associated with these markets, a primary money laundering concern, prompting temporary actions.
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