On June 23, 2025, the cybersecurity agency Elliptic released its latest research report, indicating that despite Telegram's mid-May ban on the "Huione Guarantee" platform, which was suspected of manipulating over $27 billion in funds, this crackdown did not substantially curb black market transactions. Instead, it prompted a large number of merchants to quickly shift their operations and continue to be active on another platform called "Tudou Guarantee."
The rise of the "Tudou Guarantee" platform has been astonishing, with its user base soaring to about 290,000 in just a few weeks, nearly matching the scale of Huione before it was shut down. Notably, the platform's daily USDT transaction volume remains stable at around $15 million, close to the $16 million reached during Huione's operational period.
According to Elliptic's analysis, the platform still has capital ties with Huione—Huione Group still holds about 30% of the shares. Moreover, "Tudou Guarantee" has inherited the former's typical operational model: conducting "guaranteed transactions" through Telegram and using anonymous USDT settlements, facilitating cross-border fraud and illegal financial activities.
Tom Robinson, co-founder of Elliptic, stated in the report that although Telegram appears to be taking action on the surface, the lack of international collaboration and sustained crackdown mechanisms allows these highly anonymous trading platforms to quickly resurface and rebuild their networks. He pointed out that relying solely on a single cleanup is insufficient to shake the foundation of the entire "crypto+anonymous" underground financial system. It is essential to start from legislative, regulatory, and technological platform coordination to truly block the breeding chain of this black market ecosystem.
The report ultimately calls for regulatory authorities and mainstream platforms in various countries to further strengthen cooperation, establish cross-national tracking and evidence collection mechanisms, to address the continuously evolving encrypted financial underground market.
After Telegram banned "Huiwang Guarantee", the underground market did not decline but flourished, with "Potato Guarantee" quickly stepping in to replace it.
Comments0
Others have long been in cahoots with TG for interest delivery, fools.
Money laundering is deadly.
Do you feel uncomfortable only making money from gambling? Why are you always thinking about doing other things?
Would you refuse money if someone offers it to you?
It must be Huì Wàng, otherwise how could it instantly guarantee this transaction scale?
30% of the shares? More like 100% would be about right.
Whoever can solve the trust issue will be able to make money.
Existence is reasonable, proving great demand.
He just can't be bothered to care, otherwise he wouldn't have any room to survive on TG.
Look at this logo, it's full of the strong Huìwàng style.
I'm curious about who is backing them up, they dare to commit crimes even when the United States is watching.
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