Catenaa, Sunday, June 29, 2025- Telegram’s attempt to dismantle Asia’s largest illicit crypto marketplace has triggered a rapid resurgence, with successor platforms now processing nearly $27 billion in stablecoin transactions, according to blockchain analytics firm Elliptic.
After Telegram banned Huione Guarantee on May 13, activity on the marketplace collapsed.
However, Elliptic reported that Tudou Guarantee, which had received a 30% stake from Huione in December, absorbed much of the network’s volume. By June 15, Tudou’s transactions exceeded 300,000, matching Huione’s previous scale.
Other emerging platforms, including Shuangying and Fully Light, have more than tripled in size, signaling that scam networks have swiftly adapted.
These “guarantee marketplaces” enable criminals to trade illicit services through Telegram using Tether’s USDT, facilitating money laundering, data theft, and “pig butchering” scams targeting victims globally.
Telegram’s crackdown included the removal of thousands of accounts and channels, with Elliptic calling Huione the “largest dark market ever,” surpassing Silk Road and AlphaBay.
Despite these actions, the migration to alternative platforms highlights the resilience and sophistication of the networks involved.
US authorities have also taken aim at Huione’s parent group in Cambodia. The Treasury’s Financial Crimes Enforcement Network proposed designating it as a primary money laundering concern under the Patriot Act, citing over $4 billion in laundered funds.
Elliptic urged continued vigilance and platform-wide action, warning that unless successor marketplaces are systematically removed, global scam operations will persist unabated.
