In May 2025, a significant illegal crypto marketplace, Huione Guarantee, was shut down. This event led to substantial changes in the ecosystem of illegal transactions.
Closure of Huione Guarantee and its Consequences
Huione Guarantee, which operated as one of the largest illegal online markets, was closed after Telegram blocked thousands of its accounts. This led to the cessation of transactions on the platform and caused users to migrate to other similar markets.
Growth of Tudou Guarantee
Following the closure of Huione Guarantee, the platform Tudou Guarantee experienced significant growth, doubling its user base. Elliptic's report notes that "Tudou Guarantee has seen users more than double, and cryptocurrency inflows are now approximately equal to those seen for Huione Guarantee prior to its shutdown."
Revolution in Illegal Crypto Markets and the Role of Telegram
Platforms like Tudou Guarantee and Huione Guarantee operate based on Telegram, providing escrow services for illegal transactions. This creates a space where scammers can operate with trust, using Telegram's infrastructure to connect anonymous buyers and sellers.
The closure of Huione Guarantee highlights the complex situation of illegal platforms in the cryptocurrency world and the significance of Telegram as a communication tool for such markets. Tudou Guarantee, now a successor to Huione, shows that while some platforms close, new ones emerge in their place.
