Blockchain analytics firm Elliptic has reported that the closure of Huione Guarantee in May has led to the rise of over 30 new Telegram-based crypto marketplaces.
Telegram had banned thousands of channels and accounts linked to Huione Guarantee, which prompted its closure. However, rather than stopping illegal crypto activity, the action caused it to spread.
Elliptic’s report, published on June 23, showed that the shutdown created a gap that dozens of other platforms were quick to fill. While several gained new users, Tudou Guarantee stood out.
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One reason could be that Huione Guarantee already owned 30% of Tudou Guarantee before it collapsed, which likely made the shift easier for both traders and customers.
Many of Huione Guarantee’s merchants have reappeared on Tudou Guarantee, which offers stolen data, money laundering services, and other tools used by scammers.
The firm stated that even after shutting down, Huione Guarantee briefly continued offering escrow services, mostly involving Tether
Additionally, Huione Pay, a physical payment service operating across Cambodia and accepting cryptocurrencies, remains operational.
Elliptic noted that while Huione Guarantee’s activity dropped to almost zero after the ban, Huione Pay continues to handle a high volume of transactions. Some of these may be tied to online fraud, though the businesses are technically separate.
The statement follows a June 12 report from Chainalysis, which said the black-market trading network linked to Huione Group is still active. What did the blockchain analysis firm say? Read the full story.
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