Elliptic exec calls on Tether and Telegram to curb scam economy

Elliptic’s chief scientist Tom Robinson says that stablecoin issuer Tether and messaging app Telegram need to push harder against the scam industry. He says these two companies now support an underground economy that stole around $442 billion in 2025.

Robinson wrote an of broad piece for a British security think tank called the Royal United Services Institute. In it, he argues that global regulators must require more responsibility from messaging apps and stablecoin issuers. The goal is to stop scams and the illegal marketplaces that feed on them.

The scale of the problem

Robinson describes the situation as “epidemic proportions.” He says hundreds of thousands of trafficked workers are forced to run online scams under threat of violence. Within this hidden world, services from companies like Tether and Telegram are becoming what he calls a “foundational pillar” for laundering illicit money.

A scammer needs three main things, he explains. First, a way to find victims. Second, tools to communicate with them and defraud them. Third, a method to launder the stolen money. “Guarantee marketplaces” on Telegram help supply all three. These spaces sell stolen data, fake social media accounts, and even mule bank services.

Payments usually happen using Tether’s USDT token on the TRON blockchain. According to Robinson, this lets value move peer–to–peer without going through stricter bank checks.

Big marketplaces and rebrands

Major players include Huione, Xinbi, and Tudou. Robinson says these three platforms have handled roughly $66.6 billion in scam-related payments. Huione is described as the largest and is linked to the Huione Group conglomerate. The UK and US sanctioned Huione last year. Its related payments firm, Huione Pay, has processed an estimated $103 billion in USDT transactions.

Tudou Guarantee emerged as a rebrand after Huione Guarantee was accused of being a “primary money laundering concern.” Telegram banned Haowang Guarantee groups in May 2025. Criminals then moved to Tudou. But Tudou began shutting down in 2026 after Chinese law enforcement applied pressure. Xinbi Guarantee quickly filled the gap and now handles about $35 million per day.

Telegram also banned Xinbi channels in May 2025. But Robinson says Xinbi has gotten around the bans by simply creating new marketplace channels over and over.

Robinson says Telegram does the bare minimum

Robinson notes that Xinbi has become the leading player in the scam market. The UK sanctioned the firm in March 2026 for human rights abuses and operating scam centers. He points out that three weeks after those sanctions, Telegram was still hosting Xinbi’s marketplace channels.

Eventually, Telegram banned Xinbi for UK users. Robinson calls this the “bare minimum” it could do to comply with sanctions while essentially ignoring the bigger problem.

Protos has reached out to Elliptic for further comment and will update this story if needed.

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