A Telegram-based guarantee marketplace known for advertising a wide range of illegal services appears to be slowing down its operations, according to new findings from blockchain intelligence firm Elliptic.
Elliptic said Tudou Guarantee has ceased transactions across its public Telegram groups following a period of rapid growth. The marketplace is estimated to have processed more than $12 billion in transactions, making it as the third-largest illicit marketplace of all time. While some parts, including gambling-related services, remain active, Elliptic said it is unclear whether the slowdown marks the beginning of a full shutdown or a shift away from fraud-related activity.
Tudou Guarantee is one of several Telegram-based marketplaces catering to cyber fraudsters, alongside HuiOne Guarantee and Xinbi Guarantee, which together facilitated more than $35 billion in USDT transactions.
After Telegram shut down thousands of channels linked to the above-mentioned platforms last year, Tudou became an alternative for vendors selling stolen personal data, money laundering services, scam infrastructure, and AI-enabled tools such as face swapping, voice cloning, and deepfake impersonation software. The migration was reinforced in December 2024, when HuiOne bought a 30% stake in Tudou Guarantee.
Elliptic noted that the decline in Tudou’s activity closely followed recent law enforcement actions against the Cambodian conglomerate Prince Group and its CEO, Chen Zhi, who was arrested and extradited to China earlier this month. Real-time monitoring of Tudou’s administrative wallets showed a sudden drop in activity after the arrest, suggesting a potential link. Prince Group has denied any wrongdoing.