The abrupt shutdown of Huione Guarantee has sent shockwaves through the shadowy world of digital escrow markets, disrupting one of the most influential players in Southeast Asia’s illicit online economy. However, the vacuum left behind has quickly been filled.
According to a new report by blockchain intelligence firm Elliptic, Tudou Guarantee has emerged as the primary successor, absorbing a large portion of Huione’s vendor and transaction activity. This transition marks a major shift in the darknet ecosystem, especially across Telegram-based platforms.
From Real Estate to Online Scams
Huione Guarantee was launched in 2021 by the Cambodia-based Huione Group, initially marketing itself as a facilitator for legitimate asset sales, such as real estate and vehicles. But by 2024, the platform had transformed into a major hub for cybercrime—supporting operations like pig butchering scams, money laundering, and the sale of stolen data.
Before its closure on May 13, 2025, Huione had processed over $27 billion in transactions, all conducted via Tether’s USDT stablecoin. A detailed investigation by Elliptic prompted Telegram to delete thousands of related channels, and Tether froze one of Huione’s wallets linked to North Korea’s Lazarus Group. The crackdown led to Huione’s complete shutdown and the end of its public-facing operations.
Shift to Tudou Guarantee
With Huione out of the picture, vendors were advised to migrate to Tudou Guarantee, which now appears to be leading the next wave of darknet activity. While Elliptic notes that Huione’s USDT transaction volume has dropped to near zero, Tudou Guarantee is rapidly gaining traction as the go-to marketplace for illicit escrow services.
Telegram remains the platform of choice for these operations, where vendors offer fraud tech tools, stolen data, and money laundering services in Chinese-language channels. Despite the enforcement action against Huione, the broader ecosystem remains highly active and resilient.
A Fragmented Yet Thriving Network
Elliptic warns that while Huione was a major node, it was just one of many in a larger, decentralized darknet network. As law enforcement targets individual platforms, new ones—like Tudou Guarantee—rise to take their place, keeping the ecosystem alive.
As of now, Tudou Guarantee is taking the lead, becoming a critical piece in the ever-evolving landscape of Telegram-based cybercrime marketplaces.
