In a significant turn of events for the cryptocurrency landscape, the Telegram-based marketplace known as Tudou Guarantee has announced the cessation of its operations. This closure follows a series of shutdowns and layoffs that have plagued the crypto industry since the market crash in October 2025.
On January 19, the on-chain analytics firm Elliptic confirmed that Tudou Guarantee, which had risen to prominence in Southeast Asia”s illicit activities, has effectively halted transactions across its public Telegram groups. This platform had managed over $12 billion in transactions, securing its place as the third-largest illicit marketplace in history.
Elliptic”s research highlighted that Tudou Guarantee flourished after the closure of Huione Guarantee, a competitor from which many users migrated following its shutdown. The marketplace had become a hub for various illegal activities, including facilitating crypto-to-fiat conversions for money laundering and providing personal identifying information for scams.
Furthermore, Tudou”s merchants offered services ranging from online fraud schemes to advanced deception technologies, which included face-swapping software and AI voice cloning tools. The platform”s escrow service significantly contributed to a thriving criminal economy.
Elliptic also noted that sanctions imposed by U.S. and U.K. authorities against the Prince Group in October 2025 led to a marked decline in Tudou”s activity shortly thereafter. While this closure is a setback for the Southeast Asian scam economy, analysts suggest that another player may quickly emerge to fill the void left by Tudou Guarantee.
This development is part of a broader trend in the cryptocurrency sector, where companies like the popular exchange OKX and blockchain firm Polygon Labs have also announced staff reductions as part of restructuring efforts. The ongoing turbulence in the crypto market continues to impact various players, raising questions about the future stability of the industry.
