Huione Falls, 30 New Crypto Marketplaces Rise on Telegram

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Huione Guarantee Falls, 30 New Crypto Marketplaces Rise on Telegram

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 24, 2025

Key Takeaways

Huione Guarantee's shutdown led to the rise of more than 30 new Telegram crypto marketplaces;
Tudou Guarantee gained the most, helped by Huione Guarantee’s earlier 30% ownership stake;
Huione Pay remains active and handles large cryptocurrency volumes, despite concerns about scams.

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Huione Guarantee Falls, 30 New Crypto Marketplaces Rise on Telegram

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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 USDT $0.9970 .

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.