An Elliptic investigation says Telegram now hosts the largest-known crypto black market, with Chinese-language users moving roughly $2 billion in transactions each month. Easy access, rapid relaunch of banned channels and active Chinese-language moderation have replaced the technical hurdles that once defined darknet crime.

HSBC has made a strategic investment in Elliptic, a leading blockchain analytics firm, marking the company as the only blockchain analytics provider supported by four major global banks. This move aims to enhance Elliptic's capabilities in stablecoin oversight, AI compliance tools, and blockchain coverage to meet growing institutional demands amid rising digital asset regulations.