A recent report by Elliptic reveals that Chinese-language fraud markets on Telegram are facilitating nearly $2 billion in illegal crypto transactions monthly, primarily using Tether. These platforms are involved in money laundering, scam tools, and other illicit services. Despite some sites being shut down in May 2025, replacements have quickly emerged, highlighting the ongoing vulnerability of the crypto market to such activities. Telegram and Tether have yet to take action against these operations, raising concerns about the lack of oversight.