Tudou Guarantee, a major marketplace operating on Telegram, has stopped handling transactions through its public channels. Blockchain analysis confirms the platform processed more than $12 billion in cryptocurrency before this move. The findings were reported by trusted blockchain intelligence researchers. The halt marks a major shift for one of Telegram’s largest underground markets.
The platform functioned as a “guarantee” or escrow service, allowing buyers and sellers to trade with reduced risk. Funds were held until both sides completed the deal. This system made Tudou popular among users involved in illegal digital activities. Over time, it became a central hub for organized cybercrime.
Tudou’s growth accelerated after Telegram shut down other major marketplaces like Huione Guarantee and Xinbi in 2025. Many merchants from those platforms moved to Tudou soon after. This migration helped Tudou expand rapidly within a short period. It eventually became one of the largest illicit crypto marketplaces tracked.
Researchers found that Tudou supported a wide range of criminal services. These included money laundering operations, stolen personal data, scam tools, and phishing infrastructure. Some sellers also offered AI-based impersonation tools such as face-swap and voice-cloning software. These tools were used to make scams appear more convincing.
Elliptic’s analysis shows that Tudou’s public transaction activity began declining in mid-January 2026. Shortly after, the platform stopped processing deals in its public Telegram groups. Reports also suggest that large refunds in USDT were issued to some merchants. This indicates the marketplace may be winding down public operations.
However, experts say this does not confirm a complete shutdown. Private channels or backend services linked to Tudou may still be active. Similar marketplaces have previously resurfaced under new names or structures. Criminal networks often adapt quickly to enforcement actions.
The slowdown followed international sanctions placed on organizations linked to large-scale crypto fraud. These actions targeted networks accused of running scam operations across multiple countries. Analysts observed that transaction volumes dropped sharply after these measures. This suggests enforcement pressure played a key role.
While the pause in Tudou’s public activity is significant, experts warn the problem is far from solved. History shows that when one marketplace disappears, others often take its place. Continued monitoring by platforms, law enforcement, and blockchain analysts remains critical. The situation highlights the ongoing challenge of fighting crypto-enabled crime.
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