Black market activities based on Telegram have quickly filled the gap left by Huione Guarantee after this $27 billion market vanished on May 13, according to a report by Elliptic.
Telegram has banned thousands of channels and usernames of Huione upon discovering numerous USDT transactions related to scams. Data shows that the inflow of USDT to Huione has nearly dropped to zero after the ban, while the number of users of Tudou Guarantee, a competitor of Huione, has doubled. Guarantee markets operate in Chinese and transact in USDT, providing services for large-scale scams. The shutdown of Huione has shocked the scam network but has not reduced the overall market volume. The rapid shift to alternative channels indicates that this ecosystem continues to thrive.
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Black market activities on Telegram continue despite Huione being banned for 27 billion dollars.
Black market activities based on Telegram have quickly filled the gap left by Huione Guarantee after this $27 billion market vanished on May 13, according to a report by Elliptic.
Telegram has banned thousands of channels and usernames of Huione upon discovering numerous USDT transactions related to scams. Data shows that the inflow of USDT to Huione has nearly dropped to zero after the ban, while the number of users of Tudou Guarantee, a competitor of Huione, has doubled. Guarantee markets operate in Chinese and transact in USDT, providing services for large-scale scams. The shutdown of Huione has shocked the scam network but has not reduced the overall market volume. The rapid shift to alternative channels indicates that this ecosystem continues to thrive.