A Telegram-based escrow service linked to an illicit online marketplace appears to be winding down operations after refunding more than $130 million in stablecoins. Analysts suggest this move could disrupt a major hub for crypto-related scams.
Tudou Guarantee, a service associated with the Huione Group, has reportedly refunded $130 million in Tether USDt (USDT) to the group’s public merchants since the beginning of 2026. According to data shared by blockchain analytics company Bitrace, these refunds began with approximately $3.7 million on January 1 and reached a peak of about $18.1 million on Sunday.
Earlier on Friday, the company seemingly announced the closure of its operations through its Telegram channel, as indicated by screenshots shared by Bitrace.
Refunds Signal Potential Scam Slowdown
This development may lead to a reduction in phishing and pig butchering scams, which were previously offered as a service by numerous vendors on the marketplace.
In December, an investor lost their entire Bitcoin (BTC) retirement fund in an artificial intelligence-fueled romance scam. In this instance, con artists used prolonged emotional manipulation to persuade the investor to transfer their funds.
Phishing scams have become the second-largest threat after supply-chain breaches. According to blockchain security firm CertiK, these scams cost crypto investors a cumulative $722 million across 248 incidents in 2025.
Elliptic Uncovers $89 Billion Crypto, Thousands of Wallets Tied to Fraudster Marketplace
Elliptic had previously identified thousands of wallet addresses associated with Tudou Guarantee's vendors and operations to help users avoid this entity.
The blockchain security company also flagged $89 billion in crypto received by these illicit wallets, as detailed in a report published in January 2025.
Tudou Guarantee processed at least $24 billion in transactions, increasingly relying on its cryptocurrency infrastructure.
In September 2024, the marketplace launched a US dollar-based stablecoin as its latest crypto endeavor, following the introduction of a blockchain, a crypto exchange, and a messaging app.
Tudou Guarantee was rebranded from Huione Guarantee after Elliptic exposed it as a multi-billion-dollar marketplace for online fraudsters in July 2024.
Huione Group is a financial conglomerate based in Cambodia. It operates the payment service Huione Pay, the crypto exchange Huione Crypto, and Huione Guarantee.