According to online reports, Haowang Guarantee (formerly Huione Guarantee) recently announced on its official website that all the company's NFTs, channels and groups have been blocked by Telegram, and Haowang Grantee will stop operating from now on. Wired also reported that the Haowang Guarantee's move was in response to Telegram's action on Monday to block thousands of accounts that form the infrastructure of a vast market of third-party suppliers, many of whom provide money laundering and other services to the booming East Asian cryptocurrency fraud industry. Previously, in April this year, the United Nations reported that illegal cryptocurrency projects such as Huiwang Guarantee were "powerful tools" for cybercriminal groups.