Darknet’s New Power Players: How Telegram Markets Thrive Post-Huione Shutdown
While regulators pat themselves on the back for shuttering Huione Guarantee, darknet entrepreneurs are already three steps ahead. Telegram's encrypted channels have become the new bazaars for illicit crypto commerce—proving once again that decentralized tech moves faster than bureaucracy.
The Migration Game
When one marketplace door closes, a dozen encrypted chat windows open. Vendors barely skipped a beat after Huione's demise, with next-gen platforms offering escrow services, vendor ratings, and even customer support. Who said criminals can't innovate?
Crypto's Double-Edged Sword
Monero transactions dominate these markets, leaving blockchain analysts chasing ghosts. Meanwhile, your average DeFi project still struggles with basic KYC—but sure, let's keep pretending CBDCs will solve everything.
The Irony of Enforcement
Every takedown creates two new marketplaces, each more resilient than the last. It's almost as if prohibition doesn't work—whether we're talking about drugs or financial freedom.
Tudou emerges as a new dominant guarantee marketplace
Meanwhile, one new platform is already positioned to become the next Huione Guarantee. The marketplace known as Tudou Guarantee is already attracting more users, and its inflow is around what Huione saw at its peak. This is unsurprising given that Huione itself promoted Tudou as an alternative for its customers when shutting down, likely because it has a 30% stake in the platform.
The promotion has meant commercial success for Tudou, with the marketplace attracting most merchants that previously used Huione. It is also seeing more than twice its usual number of users, while its inflow is now similar to what Huione had before its shutdown.
However, other marketplaces such as Dali, Fully Light, YY, Shuangying, ShengFeng, and Jinbel have also seen changes in their user numbers since the Huione shutdown, although these changes have not been sustained.
Telegram is facing a surge in crypto scams
Meanwhile, illicit marketplaces are not the only problem that Telegram is dealing with. The messaging platform reportedly faces a surge in crypto scams, with malware attacks increasing by 2,000% this year.
According to an OKX article, the surge in scams on the platform generally includes fake bots, trading groups, and recruitment scams due to Telegram features such as its anonymity, large user base, and ability to host large communities.
Recently, a $50 million scam was uncovered on Telegram, leaving many users with losses after they got involved in over-the-counter deals that offered altcoins at discounts below market prices and short-term vesting periods.
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