According to BlockBeats, on May 15th, Haowang Guarantee (formerly Huione Guarantee) recently announced on its official website that "all of the company's NFTs, channels, and groups have been blocked by Telegram, and Haowang Guarantee will cease operations from now on. '' According to Wired, Haowang Guarantee's move is a response to Telegram's action on Monday, which banned thousands of accounts that form the infrastructure of a vast third-party vendor market, many of which provide money laundering and other services to the thriving East Asian cryptocurrency fraud industry. Previously, in April of this year, a United Nations report pointed out that illegal cryptocurrency projects such as Huiwang Guarantee were "powerful tools" for cybercrime groups.