USDT and the Surge in Dark Market Activity Following Telegram’s Crackdown

The recent shutdown of Huione Guarantee by Telegram, the largest illicit cryptocurrency marketplace handling over $27 billion in transactions, has led to a dramatic 400% surge in activity across rival dark markets. Blockchain analytics firm Elliptic reports that platforms like Tudou Guarantee have quickly absorbed the displaced user base, signaling a shift in the underground crypto economy. This development highlights the resilience and adaptability of illicit markets, with USDT likely remaining a preferred medium for these transactions due to its stability and liquidity. As regulators and platforms intensify crackdowns, the crypto community must stay vigilant about the evolving landscape of digital asset misuse.

Telegram's Crackdown on Huione Scam Market Sparks 400% Surge in Rival Dark Market Activity

Telegram's shutdown of Huione Guarantee—the largest illicit cryptocurrency marketplace in history, processing over $27 billion in transactions—has paradoxically fueled a surge in dark market activity. Rival platforms absorbed the displaced criminal user base within weeks, with Tudou Guarantee emerging as the primary successor.

Blockchain analytics firm Elliptic tracked a 400% volume increase across Southeast Asian guarantee marketplaces following Huione's May 2025 takedown. These platforms continue facilitating money laundering, stolen data trading, and pig-butchering scam infrastructure through Telegram's encrypted channels.

The $27 billion Huione ecosystem had offered comprehensive criminal services ranging from forged documents to intimidation-for-hire. Its dismantlement demonstrates the 'Hydra Effect' in dark markets—where enforcement actions often spawn multiple successor operations.

XRP Mining Unveils Innovative Cloud Mining Program for Multi-Currency Growth

XRP Mining has launched a groundbreaking cloud mining initiative designed to help investors grow their cryptocurrency holdings without direct market exposure. The platform supports nine major digital assets including XRP, BTC, and ETH, offering flexible contract terms from 7 to 60 days.

The service eliminates traditional mining barriers by providing AI-optimized hashrate rental across 15 global data centers. Security features include double-encrypted asset custody and decentralized storage protocols. New participants receive $15 in computing power credits as part of the onboarding incentive structure.

BIS Chief Compares Modern Stablecoins to 19th Century Banking Crisis

The Bank for International Settlements (BIS) has issued a stark warning about stablecoins, drawing parallels to the private banknotes that triggered financial crises in the 19th century. The $260 billion stablecoin market, dominated by dollar-pegged assets like Tether's USDT, poses systemic risks including capital flight from emerging markets and threats to monetary sovereignty.

Central bankers are advocating for "unified ledger" tokenization systems as a more stable alternative. The critique comes as U.S. lawmakers advance legislation to regulate dollar-pegged stablecoins, potentially accelerating adoption of what the BIS calls "fundamentally flawed" instruments compared to central bank money.

Hyun Song Shin, BIS Economic Adviser, emphasized that unregulated stablecoins could destabilize financial systems. The warning appears in an early release from the BIS annual report, timed as regulators globally grapple with crypto's explosive growth.