Crypto -wang markets thrive again after the cleaning attempt of Telegram: report

Crypto -dark markets were weeks after Telegram had broken down the largest illegal marketplace in the world, with successor platforms processing equal volumes, which was around $ 27 billion.

Elliptical reported Monday that Tudou Garantion Marketplace has recorded the majority of the transaction volume of Huione Guarantee, which forbade Telegram on 13 May after the blockchain Analytics Firms research.

The report shows how the activity of Huione Guarantee deposited immediately after 11 May to zero, while the Tudou transaction volume guaranteed, with an increase of 200,000 by 18 May and more than 15 June more than 15,000.

This rapid migration undermines the efforts to disrupt the Cyber ​​SCAM infrastructure of Asia, where “warranty market places” enable hundreds of thousands of criminals to trade illegal services via Telegram using Telegram stabile Tether’s USDT.

Elliptic’s on-chain data confirmed that USDT transactions fell at the end of May to negligible levels after the prohibition of Huione Guarantantie, where the market even stopped its private Escrow services.

The message platform Thousands of accounts and channels ended Coupled to what Elliptic ‘the largest dark market ever existed’, Dwerg Silk Road and Alphabay called in scale.

The survival of the criminal network, however, was built in when the market acquired a 30% interest in Tudou guarantee in December 2024, so that the continuity of the activities was effectively guaranteed.

“Many of the traders who are active in Tudou are the same ones who previously sold through Huione guarantee, offering stolen data, money laundering and other products needed by scammers,” Elliptic thought.

Complex connections

The report reveals a complex ecosystem in which Elliptic currently follows more than thirty very active markets, many who want to fill the gap that has been left behind by the closure of Huione.

Elliptic had previously identified Tudou As a potential successor in earlier research, and the Monday report confirmed these predictions.

Other platforms, such as Shuangyping and fully light, also registered steady growth, whereby the Shuangyping increases from around 40,000 to 110,000 transactions and completely light rises from 20,000 to more than 80,000 to mid -June.

These platforms facilitate trade in technology, data and money laundering services used by online scammers, whereby suppliers explicit advertising services for “butsen“Fraud aimed at Western victims.

“It requires a wider, continuous removal of these market places from Telegram if these important enablers of the global scam epidemic must be stopped,” Elliptic said.

Decrypt has approached Telegram for comment.

Edited by Sebastian Sinclair