  In recent years, major social media platforms have implemented increasingly
strict moderation policies, resulting in bans and restrictions on conspiracy
theory-related content. To circumvent these restrictions, conspiracy theorists
are turning to alternatives, such as Telegram, where they can express and
spread their views with fewer limitations. Telegram offers channels -- virtual
rooms where only administrators can broadcast messages -- and a more permissive
content policy. These features have created the perfect breeding ground for a
complex ecosystem of conspiracy channels.
  In this paper, we illuminate this ecosystem. First, we propose an approach to
detect conspiracy channels. Then, we discover that conspiracy channels can be
clustered into four distinct communities comprising over 17,000 channels.
Finally, we uncover the "Conspiracy Money Machine," revealing how most
conspiracy channels actively seek to profit from their subscribers. We find
conspiracy theorists leverage e-commerce platforms to sell questionable
products or lucratively promote them through affiliate links. Moreover, we
observe that conspiracy channels use donation and crowdfunding platforms to
raise funds for their campaigns. We determine that this business involves
hundreds of donors and generates a turnover of over $90 million.
