Global online scams rake in $442 billion each year! Experts name Tether and Telegram as key enablers of crime

Analysis firms point out that global online scams caused losses of $442 billion last year. Criminal groups use Telegram as an underground marketplace and launder money through Tether, creating a cross-border human rights and public security crisis.

The scale of global online scams continues to expand

Elliptic’s Chief Scientist, Tom Robinson, recently published an article at the UK think tank Royal United Services Institute, calling on global regulators to strengthen oversight of stablecoins and communication platforms. He noted that in 2025 alone, global losses caused by online scams reached as high as $442 billion, and the overall scale has already gotten out of control.

Robinson also mentioned that in places such as Southeast Asia, there are around 300,000 trafficked workers who are forced to remain trapped in scam compounds, subjected for a long time to violence, sexual assault, and threats of death, and compelled to work in online fraud. These crimes have evolved from what was once only a financial problem into a cross-border human rights and public security crisis.

He believes that many scam groups can currently expand rapidly mainly because the infrastructure provided by communication platforms and stablecoins makes it easier for criminal organizations to establish markets, transfer funds, and evade regulation.

Telegram and $USDT are core tools of underground markets

According to Robinson, the modern scam industry mainly relies on three core capabilities: reaching victims, establishing scam and communication channels, and laundering illegal proceeds. Among them, the underground chat marketplace known as the “Guarantee Marketplace” has become an important hub for the entire industry.

Most of these markets operate in Telegram channels and groups. Their content includes the sale of stolen personal information, fake community social media accounts, “mule” bank accounts, and money-laundering services. Criminal groups make extensive use of $USDT as a payment tool, with transactions mainly concentrated on the TRON blockchain.

Robinson stated that the peer-to-peer transfer model of $USDT allows funds to flow directly across borders while also bypassing some of the anti-money-laundering review processes within the banking system. He believes that Telegram provides space for the operation of underground markets, while Tether has become the primary payment tool for these criminal transactions.

Huione, Xinbi, and Tudou form a large underground network

The article also names several major underground marketplaces, including Huione, Xinbi, and Tudou. Robinson pointed out that the transaction amounts accumulated and processed by these platforms have reached $66.6 billion.

Image source: Elliptic data Huione, Xinbi, and Tudou are major international underground escrow trading platforms

Among them, Huione is regarded as the largest underground escrow trading platform at present and is closely linked to Cambodia’s Huione Group. Its payment service, Huione Pay, is estimated to have handled more than $103 billion in $USDT transactions, which led to sanctions by the UK and the US.

After Huione Guarantee was accused of being involved in major money-laundering activities, the platform gradually changed its name to Haowang Guarantee and Tudou Guarantee. In May 2025, Telegram blocked the relevant channels, but large numbers of merchants and criminal organizations quickly shifted to new channels and platforms to continue operating.

It was not until 2026, after pressure began from Chinese law enforcement, that Tudou gradually stopped operating. However, the market gap was quickly taken over by Xinbi. Robinson said that Xinbi’s daily processing amount has reached $35 million.

Telegram faces criticism for only handling the minimum

Robinson pointed out that in March 2026, the UK government sanctioned Xinbi, including due to involvement in scam compounds and human rights violations. However, even weeks after the sanctions took effect, the related Telegram channels continued to exist.

Although Telegram subsequently restricted UK users from accessing Xinbi channels, Robinson believed that this approach only meets the minimum requirements of the sanctions and does not actually address the core of the problem. Many underground markets can still quickly resume operations through new channels, backup groups, and changing names.

Robinson believes the core reason the global scam industry can rebuild and expand rapidly is that Telegram provides communication and market infrastructure, and Tether provides cross-border payment capabilities. The combination of the two is changing the pattern of how illegal funds flow worldwide.