Due to the impact of Telegram's blocking, Haowang Guarantee has announced the cessation of operations.

BlockBeats news, May 15, 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, this move by Haowang Guarantee is in response to Telegram's actions on Monday, when Telegram banned thousands of accounts that formed the infrastructure of a large third-party vendor market, many of which provided money laundering and other services to the thriving East Asian cryptocurrency scam industry.

Earlier reports, in April this year, a United Nations report indicated that illegal cryptocurrency projects like Huione Guarantee are a "powerful tool" for cybercrime groups.