On June 23, 2025, the crypto darknet marketplace Huione Guarantee, operated by the Cambodia-based Huione Group, ceased operations after Telegram banned its associated accounts. This shutdown followed a U.S. Treasury's FinCEN notice on May 1, 2025, identifying Huione Group as a primary money laundering concern. The impact is significant on the illicit crypto ecosystem.
The closure created a void, with alternative platforms like Tudou Guarantee experiencing a surge. According to blockchain analysis firm Elliptic, Tudou Guarantee's user base more than doubled. Cryptocurrency inflows now approximately equaled those seen for Huione Guarantee prior to its shutdown.
Tudou Guarantee's growth highlights the adaptability of illicit marketplaces, attracting former Huione users. Analysts suggest Huione Group might rebrand, indicating ongoing challenges in disrupting cybercrime infrastructure. The situation underscores the need for adaptive strategies. (Source: June 23, 2025)