Due to the blocking by Telegram, Haowang Guarantee announced the cessation of operations.

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On 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 a response to actions taken by Telegram on Monday, which banned thousands of accounts that form the infrastructure of a large third-party vendor market, many of which provide Money Laundering and other services for the booming East Asian Crypto Assets scam industry. Previously, in April this year, a United Nations report indicated that illegal Crypto Assets projects like Huione Guarantee are "powerful tools" for cybercrime groups.

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