- Tudou Guarantee, a Telegram-based guarantee marketplace, has largely stopped transacting through its public groups after processing about $12 billion.
- Merchants migrated from HuiOne Guarantee following a financial stake and platform consolidation; the three main Telegram markets processed roughly $35 billion in USDT.
- Scam technology and AI vendors saw rapid growth, with vendors taking about $376 million in crypto in 2024 and AI services growing sharply, according to research.
- Law enforcement actions and the arrest of Chen Zhi appear linked to the slowdown; U.S. authorities have formed a task force that has seized $401 million so far.
Tudou Guarantee, a Telegram-based guarantee marketplace that sold stolen data, laundering services and scam tools, has largely ceased transactions in its public Telegram groups, according to Elliptic. The platform is estimated to have processed more than $12 billion and ranked among the largest illicit marketplaces by volume.
The site became a hub after merchants moved from HuiOne Guarantee, which acquired a 30% stake in Tudou in December 2024. Together with Xinbi Guarantee, these Telegram markets handled roughly $35 billion in USDT transactions before many channels were shut by Telegram.
Research shows scam technology vendors collected around $376 million in cryptocurrency in 2024, and AI service vendors grew rapidly, enabling realistic fake identities and scalable fraud, according to Chainalysis. Elliptic noted some non-fraud parts of Tudou remain active: “Other parts of Tudou Guarantee, such as its gambling operations, continue to function, so it remains to be seen whether this represents the first stages of a full shutdown or a pivot away from fraud-related activity.” (Elliptic)
Elliptic’s founder, Tom Robinson, said markets like Xinbi Guarantee have recovered after prior platform interventions and that a similar number of markets still operate. “After shutting down HuiOne Guarantee, Telegram is no longer taking any action against these scam marketplaces. There’s no need for them to move to other messaging platforms,” he said.
Authorities have pursued these networks. The U.S. formed the Scam Center Strike Force to dismantle Southeast Asian crypto fraud, a mission described further by TRM Labs. That effort has seized and forfeited about $401 million in cryptocurrency. Elliptic’s wallet monitoring shows a sudden drop in Tudou activity following the arrest and extradition of China-cambodia-arrest”>Chen Zhi, suggesting a possible connection.
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