Tudou Guarantee, once one of the most active Telegram-based illicit marketplaces in Southeast Asia, appears to be winding down its core operations after processing more than $12 billion in cryptocurrency transactions.
According to blockchain intelligence firm Elliptic, transaction activity linked to Tudou’s public Telegram groups has effectively stopped. For a platform that grew at breakneck speed and quickly became a backbone of the regional scam economy, the sudden quiet is striking and significant.
While some Tudou-linked services, including gambling operations, are reportedly still active, the halt in marketplace transactions suggests either the early stages of a shutdown or a strategic retreat from fraud-related activity.
Either way, the implications are global.
From Huione to Tudou: how a scam marketplace was reborn
Tudou Guarantee did not emerge in a vacuum. Its rise was closely tied to the fall of Huione Guarantee, the largest illicit marketplace ever tracked, which processed more than $27 billion before being shut down by Telegram in May 2025 following Elliptic’s public exposure.
When Huione collapsed, its operators directed merchants to Tudou. The transition was swift and coordinated. Within weeks:
- Tudou’s user base more than doubled
- Transaction volumes surged toward Huione’s peak levels
- The same vendors reappeared, selling the same criminal services
The migration was no coincidence. Huione had acquired a 30% stake in Tudou in December 2024, effectively grooming it as a successor.
By the time Tudou hit its stride, it had become the third-largest illicit marketplace of all time.
What was really being sold on Tudou?
Tudou Guarantee offered a full-service supply chain for online fraud, lowering the barrier to entry for cybercriminals worldwide:
- Money laundering services: Crypto-to-fiat conversion to cash out proceeds from pig-butchering and investment scams
- Stolen personal data: Identity documents, phone numbers, and banking details used to target victims
- Scam infrastructure: Ready-made phishing sites, fake trading platforms, and fraudulent apps
- Deception technology: AI voice cloning, face-swapping tools, and deepfake software for social engineering
Its escrow model — a so-called “guarantee” service — created trust between criminals, enabling the ecosystem to scale rapidly.
This is precisely the kind of environment cybersecurity professionals and investigators warn about when discussing the industrialization of cybercrime, a topic frequently explored on cybercory.com.
The turning point: sanctions, arrests, and real-world pressure
Elliptic’s analysis suggests Tudou’s decline is directly linked to the collapse of Prince Group, a powerful criminal organization operating scam compounds in Cambodia.
In October 2025, the US Treasury and UK authorities sanctioned Prince Group and its chairman Chen Zhi, labeling the organization a transnational criminal enterprise tied to human trafficking and forced labor.
The pressure escalated quickly. On January 6, 2026, Cambodian and Chinese authorities arrested and extradited Chen Zhi to China. In the days that followed, blockchain monitoring showed a sharp drop in activity across Tudou’s central administrative wallets.
The message was clear: digital scam networks are no longer insulated from real-world consequences.
A fragmented future for scam marketplaces
The apparent shutdown of Tudou is a major blow to Southeast Asia’s scam economy, but it is unlikely to be the end.
History suggests fragmentation rather than disappearance. After Huione’s shutdown, activity splintered across multiple smaller platforms before consolidating again. Investigators expect a similar pattern now, with merchants dispersing to dozens of emerging “guarantee” marketplaces.
At the same time, law enforcement is adapting. In late 2025, the US Department of Justice launched the Scam Center Strike Force, uniting the FBI, Secret Service, and prosecutors. The task force has already seized more than $400 million in cryptoassets linked to scam operations.
Crucially, blockchain transparency remains the investigators’ strongest ally. Every transaction leaves a permanent trail one that firms like Elliptic and security partners such as Saintynet Cybersecurity use to trace, attribute, and disrupt criminal networks.
What security teams and organizations should do now
The collapse of Tudou Guarantee offers important lessons for defenders worldwide. Here are 10 recommended actions for security teams, compliance leaders, and risk managers:
- Strengthen monitoring for crypto-related fraud indicators within financial systems
- Review exposure to third-party platforms operating via Telegram or similar channels
- Enhance fraud detection for pig-butchering and investment scam patterns
- Train SOC and fraud teams on blockchain tracing fundamentals
- Integrate threat intelligence on illicit marketplaces into SIEM workflows
- Monitor employee exposure to social engineering and romance scams
- Update AML and KYC controls to account for crypto laundering techniques
- Partner with blockchain analytics providers for real-time monitoring
- Invest in continuous cybersecurity awareness and training programs
- Share intelligence with industry peers and national CERTs to improve collective defense
Why this matters beyond Southeast Asia (MEA perspective)
While Tudou’s core operations were rooted in Southeast Asia, its impact was global. Victims, infrastructure, and financial flows extended across the Middle East, Africa, Europe, and North America.
For MEA organizations, this case reinforces a hard truth: scam ecosystems are borderless. Financial institutions, telecom providers, and digital platforms in the region remain prime targets – and unwitting enablers – if controls are weak.
Conclusion
Tudou Guarantee’s apparent shutdown marks the end of a major chapter in the global scam economy, but not the end of the story. As platforms fall, others emerge. What is changing is the balance of power.
With coordinated sanctions, arrests, and blockchain intelligence, investigators are proving that even the largest illicit marketplaces are not untouchable. For defenders, the lesson is clear: visibility, collaboration, and proactive cybersecurity strategy are no longer optional, they are essential.
