A Telegram-based marketplace known as Tudou Guarantee, which facilitated numerous illicit transactions, is reportedly winding down its operations. According to blockchain analysis firm Elliptic, Tudou Guarantee has stopped processing transactions through its public Telegram channels after experiencing significant growth. The marketplace is believed to have processed over $12 billion, making it one of the largest illicit platforms to date.
While the shutdown of fraudulent activities is uncertain, Elliptic noted that other parts of Tudou Guarantee, including its gambling operations, are still operational. This leads to speculation whether this shutdown marks a complete closure or just a shift away from fraud-centric operations.
Tudou Guarantee surfaced as a major player after the previous top marketplace, HuiOne Guarantee, ceased operations. This transition drove some merchants providing stolen personal data and various fraudulent services, including money laundering and scam infrastructure, to migrate to Tudou Guarantee.
Research from Chainalysis indicated that scam technology vendors collected a staggering $375.9 million in cryptocurrency in 2024 alone, particularly benefiting from the rise of artificial intelligence tools that helped scammers create convincing identities and content.
The acquisition of a financial stake in Tudou Guarantee by HuiOne in late 2024 indicates that this new arrangement was a strategic fallback for suppliers previously affiliated with HuiOne.
The decline of Tudou Guarantee has been linked to measures taken against its associated networks, notably the arrest of Chen Zhi, CEO of the Prince Group, under suspicion of overseeing investment scams that exploited trafficked individuals for forced labor.
Elliptic observed a significant drop in activity across Tudou’s financial channels following Zhi’s arrest, highlighting the impact of law enforcement on these operations.
While the closure represents a significant setback within the Southeast Asian scam economy, experts suggest that such voids are often quickly filled by alternative operators looking to capitalize on the displaced market clientele. Efforts to combat such criminal networks are ongoing, including the U.S. government’s recent establishment of a task force dedicated to dismantling Southeast Asian cryptocurrency fraud operations.
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