Tudou Guarantee Marketplace Ceases Telegram Transactions After Processing Over $12 Billion
Tudou Guarantee, a prominent Telegram-based marketplace known for facilitating a wide array of illicit services, has recently halted transactions through its public Telegram channels. This development follows a period of substantial growth, during which the platform processed transactions exceeding $12 billion, positioning it as the third-largest illicit marketplace to date.
According to blockchain intelligence firm Elliptic, while Tudou Guarantee’s gambling operations remain active, the cessation of other transactions raises questions about whether this move signals the beginning of a complete shutdown or a strategic shift away from fraudulent activities.
Tudou Guarantee is part of a network of Telegram-based marketplaces catering to cybercriminals. Other notable platforms include HuiOne Guarantee and Xinbi Guarantee, which together have facilitated over $35 billion in USDT transactions. In the previous year, Telegram took action by shutting down thousands of channels associated with these services.
Following the closure of HuiOne Guarantee, Tudou Guarantee emerged as a leading platform. Merchants who previously operated through HuiOne migrated to Tudou, offering services such as stolen personal data, money laundering, scam infrastructure—including fraudulent investment platforms and phishing websites—and advanced software tools for face swapping, voice cloning, and deepfake-powered impersonation during video calls with victims.
Research from Chainalysis, published in November 2025, highlighted that scam technology vendors received at least $375.9 million in cryptocurrency in 2024. Notably, vendors offering artificial intelligence (AI) services experienced a 1,900% compound annual growth rate from 2021 through 2024. These AI tools have enabled scammers to create realistic identities, generate convincing content, and scale their operations more effectively.
The migration of merchants to Tudou Guarantee was strategic. In December 2024, HuiOne acquired a 30% financial stake in Tudou Guarantee, positioning it as a key alternative for vendors affiliated with HuiOne.
Elliptic’s Founder and Chief Scientist, Tom Robinson, noted that Xinbi Guarantee has recovered and expanded following Telegram’s intervention. He also mentioned that a similar number of marketplaces continue to operate. Robinson stated, 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.
The apparent shutdown of Tudou Guarantee coincides with recent law enforcement actions against the Cambodian conglomerate Prince Group and its CEO, Chen Zhi. Chen was arrested and extradited to China earlier this month. He faces accusations of orchestrating a massive investment scam that involved luring trafficked workers to forced labor camps in Southeast Asia to defraud victims globally—a scheme commonly referred to as romance baiting or pig butchering. Prince Group has denied any wrongdoing.
Elliptic’s real-time monitoring of Tudou’s central administrative wallets revealed a sudden drop in activity following Chen Zhi’s arrest, suggesting a potential connection between the two events.
Elliptic commented, The closure of Tudou is a significant blow to the Southeast Asian scam economy, but history suggests the vacuum will not remain unfilled for long. The firm anticipates that malicious activities will likely disperse across other guarantee marketplaces, which may step in to accommodate displaced merchants and customers.
In response to the growing threat of cryptocurrency-related fraud and pig butchering scams, governments and law enforcement agencies have intensified their efforts. In November 2025, the U.S. government announced the formation of the Scam Center Strike Force, aimed at dismantling Southeast Asian transnational criminal networks involved in such fraudulent activities. To date, the task force has seized and forfeited $401 million in cryptocurrency linked to these schemes. Additionally, it is collaborating with U.S. companies to seize and disable domestic facilities and infrastructure that support these scams, thereby preventing them from being used to target American citizens.
