The closure of the darknet market Huione Guarantee in May has reconfigured the crypto-enabled crime underworld. After it was shut down, a minimum of 30 Telegram-based markets gained popularity. According to Elliptic’s blockchain analytics firm, Tudou Guarantee has now become the leading replacement.
Huione Guarantee was driven out of business after Telegram suspended thousands of related accounts and channels. The app dismantled the site’s functional network. The website had been a platform for illegal transactions related to money laundering, stolen information, and scam tools.
The shutdown was part of wider enforcement action against crypto-related cybercrime, but Elliptic says demand for such services is high, and users and sellers quickly moved to alternative platforms.
Tudou Guarantee’s client base has grown by over twice in size since May. It now processes crypto inflows almost comparable to Huoine’s volumes before it closed down. Sellers of stolen information, fake documents, and money laundering services have flocked to Tudou, making it the new go-to darknet marketplace.
“Tudou Guarantee has taken a significant share of Huione’s past transaction volume,” Elliptic reported.
Even though it was shut down, Huione Guarantee has a 30% share in Tudou Guarantee, which it acquired in December 2023. The link has left people wondering if the takedown was merely a rebranding exercise and not an actual shutdown.
The ambiguity has further been fueled by Huione Group’s other operations. Huione Pay, a Cambodian payment service company implicated in money laundering for online fraud. Though Huione Pay is still operational, it has nothing to do with darknet sites.
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Elliptic reported that blockchain data indicate Huione Guarantee’s crypto activity, including Tether (USDT) transactions, reduced to close to zero by the end of May.
Although some reports indicated continued activity, Elliptic explains that this is due to a confusion between Huione Group’s legal operations.“The darknet branch, Huione Guarantee, has de facto stopped operating,” the company stated.
As Huione’s departure shook up the ecosystem, it also opened doors for its competitors. Many Telegram-based markets have emerged in recent weeks, with Tudou at the forefront.
Elliptic cautions that unless such actions are taken repeatedly against such platforms, the darknet market will continue to expand. “One shutdown isn’t enough. These markets will keep multiplying unless Telegram and other platforms crack down aggressively,” the report concluded.