Key Insights
- Telegram shutdown of major crypto scam black markets has taken a strange turn.
- These platforms have quickly come back, under new names.
- These black markets, like the new Tudou Guarantee, now help scammers carry out schemes like “pig butchering” scams and more.
Telegram took action and shut down two of the largest black markets allowing crypto scams on its platform in May 2025.
These platforms were Huione Guarantee and Xinbi Guarantee, both of which were at the center of a massive criminal economy that utilized Telegram to sell services such as money laundering, scams, and stolen data.
However, just a month later, those same networks have resurfaced under new names. More disturbingly, they have continued their operations largely unchecked.
While the bans initially served as a turning point in the fight against crypto scams, the speed at which these platforms have come back is a worrying sign for all.
A $35 Billion Industry Momentarily Disrupted
Before being removed by Telegram, Huione Guarantee and Xinbi Guarantee reportedly processed a combined $35 billion worth of transactions.
🚨 Elliptic research leads to the shutdown of the two largest online criminal marketplaces of all time 🚨
On May 13, 2025, @telegram took decisive action to shut down Huione Guarantee and Xinbi Guarantee — two vast illicit marketplaces operating on its platform — following… pic.twitter.com/PJ4OMD4iZ9
— Elliptic (@elliptic) May 15, 2025
Most of these involved services that fraudsters of all kinds used, like “pig butchering” scams that were run out of forced labor compounds in countries like Cambodia, Laos, and Myanmar.
Telegram was forced to intervene after reporting from Elliptic and WIRED.
The company not only deleted these platforms’ public channels, it also banned their associated usernames. Telegram even acknowledged that the accounts were indeed allowing criminal activities like scamming and money laundering.
The Rise of Tudou Guarantee and Market Recovery
While the bans were highly celebrated, the triumph was short-lived.
Within mere weeks, the vacuum left by Huione and Xinbi was filled by other black markets, with the biggest among them being Tudou Guarantee. This new platform has grown massively, and now boasts over 289,000 users, which is almost equal to Huione’s 296,000 before its ban.
Telegram’s takedown of Huione/Haowang Guarantee (involved in over $27 billion in illicit transactions) hasn’t stopped the rise of new “guarantee” crime hubs.
Over 30 darknet marketplaces now flood the platform, led by Tudou, a Huione-backed successor. Elliptic warns: without… pic.twitter.com/dVHN09oPSW
— NewTribe Capital (@NewTribeCap) June 24, 2025
According to Elliptic’s data, Tudou is now processing approximately $15 million in daily crypto transactions, mostly through Tether (USDT). It gets worse.
Worryingly, Tudou Guarantee is partially owned by Huione Group, the same company behind Huione Guarantee. This connection shows that not only has the platform merely rebranded, it is also running a planned-out effort to rebuild and recapture its lost market share.
Other platforms like the relaunched Xinbi Guarantee have gone through a similar pattern, after setting up new Telegram channels and regaining most of its user base with little to no effort.
Telegram’s Inaction and Shifting Justifications
While Telegram acted quickly in May, it has since gone silent on follow-up enforcement.
Despite Elliptic still reporting scam activity in over ten other Telegram-based marketplaces, the company has not banned any additional accounts.
Telegram’s situation shows that there is an ongoing problem in the tech space.
Platforms want to claim neutrality and protect user privacy. However, they tend to do so at the expense of real-world harm. Moreover, the short-lived shutdown of Huione Guarantee proves that these black markets are resilient.
They are well-funded and quick to adapt and will likely remain alive long enough to do more damage.
Without more effort, the bans will end up as little more than temporary setbacks, and the crypto industry is bound to suffer more. To truly dismantle these networks, Telegram must engage in more aggressive enforcement and help regulators step in.
Until then, the cycle of ban and rebuild will continue, and the worldwide scam economy will keep growing in plain sight.
Telegram’s crackdown on crypto scam markets shows the platform’s ability to take action.
However, its failure to maintain enforcement has allowed the very same actors to rebuild and thrive. Billions in crypto fraud and human exploitation are at stake, and the time for reactive moderation is over.
