PANews reported on May 15 that 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 was a response to Telegram's action on Monday, which banned thousands of accounts that formed the infrastructure of a huge third-party supplier market, many of which provided money laundering and other services to the booming East Asian cryptocurrency fraud industry.

According to previous news, in April this year, a United Nations report pointed out that illegal cryptocurrency projects such as Huiwang Guarantee are powerful tools for cybercrime groups.