Tudou Guarantee emerged after the collapse of the Huione scam in Cambodia's black market.

The sudden closure of Huione Guarantee has caused a major shock to the digital margin trading market — an underground network linked to countless spear phishing scammers, money laundering organizations, and data brokerages operating robustly in Southeast Asia and China.

However, despite the disruption from the incident, many black markets operating through Telegram with a similar model remain unaffected and are even expanding their scale.

The wave of migration to Tudou Guarantee

According to the latest report from the blockchain intelligence company Elliptic, Huione Guarantee has completely ceased all operations, but this has prompted a shift of service providers to other platforms. The main destination is Tudou Guarantee, which is currently handling the majority of the transaction volume that was previously processed through Huione.

Before its abrupt closure, Huione Guarantee was operated by Huione Group, a corporation based in Cambodia. Initially launched in 2021 with the aim of providing legal escrow services for transactions related to automobiles, real estate, and physical assets. However, over time, the categories on this platform have gradually shifted towards spear phishing and money laundering.

Before its collapse, most of Huione's activities were believed to serve organized online fraud campaigns.

On May 13, 2025, Huione Guarantee was officially dismantled. During its existence, this platform processed transactions worth over 27 billion USD, mainly related to tools and services supporting large-scale spear phishing, such as the "pig butchering" (love fraud – asset fraud). This collapse occurred after an in-depth investigation by Elliptic, forcing Telegram to delete thousands of related channels and block numerous accounts.

Although Huione has collapsed, this is just a small link in a vast network of margin trading platforms using Chinese, primarily operating on Telegram. These platforms continue to thrive, specializing in providing illegal services and goods such as stolen personal data, high-tech phishing tools, and money laundering services – all of which are core elements in modern scam operations.

Huione's USDT activity is almost paralyzed

Transactions on Huione are conducted entirely in USDT, Tether's stablecoin, due to its flexibility and relative anonymity. Notably, in July 2024, Tether froze a wallet associated with Huione due to suspected links to North Korea's Lazarus hacking group.

After Telegram deleted all channels and public usernames of Huione, this platform announced its shutdown, while guiding providers to switch to Tudou Guarantee.

*Elliptic's data shows that USDT transactions have actually ceased at Huione Guarantee, reflecting the closure of the black market (Image above). The daily USDT volume at Huione Pay is largely unaffected by the closure of Huione Guarantee or the FinCEN's designation of Huione Group (Image below).*Initially, Huione stated that it would continue to provide private custody services, but by the end of May, they confirmed that they would completely cease all operations. Blockchain data recorded by Elliptic also shows this, as the flow of USDT into Huione's wallets has decreased to nearly zero.

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