Recent actions by Telegram to shut down Huione Guarantee have led to the emergence of new platforms that quickly filled the gap left after the closure of one of the largest crypto markets.
Impact of Huione Guarantee Shutdown
On May 15, 2023, Telegram closed Huione Guarantee, known as one of the largest dark markets in the crypto space. This decision was a significant step in combating online crime. However, despite this success, new platforms such as Tudou Guarantee rapidly filled the market, maintaining the level of illicit transactions.
"The sudden transition from Huione to Tudou underscores how deeply embedded and agile these illicit ecosystems have become," notes analytics firm Elliptic.
Emergence of New Platforms on Telegram
After the closure of Huione Guarantee, a surge in new platforms such as Tudou Guarantee, Shuangying, and Fully Light has been observed. For instance, Tudou Guarantee processed over 300,000 transactions by mid-June, while Shuangying grew from 40,000 to 110,000 transactions.
These platforms continue to offer services including document forgery, cryptocurrency account rentals, and infrastructure for cybercriminals, allowing them to openly discuss their scam offerings.
The Role of USDT in New Crypto Markets
All new platforms primarily use USDT as the medium of exchange, particularly on the TRON blockchain. This allows criminals to transact rapidly with relative price stability and negligible fees. Elliptic emphasizes that the lack of active cryptocurrency tracking creates favorable conditions for these markets to continue their operations.
The shutdown of Huione Guarantee has initiated the emergence of new platforms on Telegram, proving the adaptability and resilience of the crypto black market. Without comprehensive monitoring and regulatory measures, these new markets may continue to exist and thrive.
