The shutdown of the well-known crypto darknet market Huione Guarantee in May 2023 catalyzed the emergence of new platforms and an increase in transactional activity in the darknet.
Closure of Huione Guarantee
Huione Guarantee was shut down in May after the messaging service Telegram banned thousands of associated accounts and channels. Analysts from Elliptic reported that this event initiated an active growth of users on other markets, among which Tudou Guarantee stands out.
User and Merchant Migration
Merchants and users who were active on Huione Guarantee have also started to migrate to Tudou Guarantee, which has contributed to the growth of offers for illicit goods and services. Elliptic indicates the existence of over 30 new darknet markets on Telegram that reported increases in volume and user counts.
Growth of Alternative Darknet Markets
The closure of Huione Guarantee has created a vacuum that many competitors have filled. Despite the expectation that the closure would reduce activity, some markets, like Tudou Guarantee, have significantly increased their traffic and transaction volume to levels comparable to those of Huione Guarantee during its operation.
The experience of the Huione Guarantee closure demonstrates that even after the liquidation of major darknet markets, the ecosystem continues to evolve, and the demand for listed services does not diminish. Elliptic researchers emphasize the need for ongoing efforts to combat such markets to stop the growth of global fraud.
