Telegram’s dark market scene didn’t even bat an eyelash when Huione Guarantee disappeared with a $27 billion bang on May 13. According to Elliptic’s June 23 report, the vacuum left by Huione’s shutdown was quickly filled by rival platforms, with Tudou Guarantee taking center stage. I mean, it’s like they’ve been waiting for this moment, right?
After Huione’s billions of USDT-denominated sales were traced back to those notorious pig-butchering scams, Telegram went on a banning spree, wiping out thousands of channels and usernames. But the merchants? Oh, they didn’t cry over spilled milk. They just packed up and moved to Tudou Guarantee, where Huione owns a 30% stake. Seriously, these guys are like cockroaches, can't get rid of them that easily.
I think what’s most interesting here is the immediate shift in on-chain data. After the Huione ban, incoming USDT fell to almost zero, while Tudou’s user count doubled. It’s like the entire market just switched tracks without missing a beat. And of course, the volume of inflows matched Huione’s pre-shutdown levels. Talk about adapting fast!
The Dark Side of Telegram and the Future of Guarantee Markets
These so-called Guarantee markets operate in Chinese on Telegram, using USDT exclusively for transactions. They’re not exactly selling pet food. We’re talking stolen data, money laundering routes, and other delightful services that fuel large-scale online fraud. What’s even more "fun" is that these markets rely on an escrow model, allowing buyers and sellers to resolve disputes without revealing their real identities. Perfect, right?
Now, if you’ve got your wires crossed and think Huione Guarantee is the same as Huione Pay, don’t worry, you’re not alone. Some folks mix them up, but Elliptic has cleared that up with a bit of wallet analysis. Turns out, Huione Pay, a payment firm based in Cambodia, is still processing large volumes of USDT. Meanwhile, Huione Guarantee's shadowy operations were on the ropes after the U.S. labeled Huione Group as a “primary money laundering concern.” Yeah, great timing there, huh?
Elliptic tracked more than 30 active Guarantee markets post-shutdown, warning that fake venues are also on the rise, targeting newbies who think they’re getting a deal. Tudou Guarantee may have led the charge, but smaller competitors also saw a spike in users. No surprise, merchants tend to list across multiple platforms to stay in business.
A Market That Won’t Be Stopped
After the Huione Guarantee shutdown, Southeast Asia and China’s dark market ecosystem took a brief hit, but within a month, everything bounced back, with no significant drop in volume. Looks like liquidity didn’t just vanish; it swiftly migrated to replacement channels.
So, what's the takeaway here? Elliptic concluded that if you want to disrupt this ecosystem, it’s going to take a lot more than a couple of channel bans. I mean, Huione Guarantee’s fall knocked out just one node, but the dark market structure? Still expanding, stronger than ever, right within the messaging app we all love to use, Telegram.
HODL Team
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice. HODL FM strongly recommends contacting a qualified industry professional.
