The recent shutdown of the Huione Guarantee market, linked to illegal transactions, has opened opportunities for new platforms, as detailed in a recent report by Elliptic.
Closure of Huione Guarantee and Its Consequences
Telegram shut down Huione Guarantee on May 13, after analysts at Elliptic discovered that this market was used for transactions amounting to over $27 billion. The closure affected thousands of channels and usernames, significantly crippling the platform's activity.
Emergence of Tudou Guarantee
In the wake of Huione, a new platform, Tudou Guarantee, has started to gain traction. This market has begun to attract users previously engaged with Huione, effectively carrying a 30% share of Huione's former volume. Tudou is already showing an increased user count, indicating its active development. Elliptic's report noted that 'the guarantee market ecosystem is complex, featuring many fake platforms seeking to defraud customers.'
Surge in Scams on Telegram
Telegram is also facing an increase in crypto scams. Research indicates that the number of malware attacks on the platform has increased by 2000% this year. Significant fraudulent schemes have been uncovered, including a recent $50 million scam involving offers to purchase altcoins at below-market prices.
The closure of Huione Guarantee paves the way for new illegal activities on Telegram. Platforms like Tudou Guarantee are already beginning to fill the void, while the increasing incidence of scams in the crypto realm highlights the urgent need for stricter oversight of such services.
