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Trust",{"buttonLink":512},[513],{"title":11,"ariaLabel":11,"target":11,"linkUrl":514,"text":515,"__typename":14},"https:\u002F\u002Fwww.elliptic.co\u002Fcareers\u002F","Careers",{"buttonLink":517},[518],{"title":11,"ariaLabel":11,"target":11,"linkUrl":519,"text":520,"__typename":14},"https:\u002F\u002Fwww.elliptic.co\u002Fcontact\u002F","Contact",{"url":522},"https:\u002F\u002Fapp.elliptic.co\u002F?_gl=1*7ha9nv*_gcl_aw*R0NMLjE3ODE2OTM0OTcuQ2owS0NRandpOG5SQmhEaEFSSXNBSFpmX3BiZDZ3X1N5dlRaWEw0Y0x4Njd2YXBDelZrYzZwYjRqYnZFWGFvYVlGSExKdUNUMlVad01qWWFBZ3VSRUFMd193Y0I.*_gcl_au*MTMzNjMwMTA3MC4xNzgxNjkzNDk3","We’re hiring! Join us and make a move that matters",{"url":514,"target":11},true,{"globalSet":527},{"__typename":528,"dateUpdated":529,"footerLinks":530,"buttonLinks":638,"plainText":644,"plainText2":645,"entry":646},"footer_GlobalSet","2026-07-29T12:38:35+01:00",[531,550,583,599,618],{"buttonLink":532,"buttonLinks":534},[533],{"title":11,"ariaLabel":11,"target":11,"linkUrl":12,"text":13,"__typename":14},[535,538,541,544,547],{"buttonLink":536},[537],{"title":11,"ariaLabel":11,"target":11,"linkUrl":25,"text":26,"__typename":14},{"buttonLink":539},[540],{"title":11,"ariaLabel":11,"target":11,"linkUrl":71,"text":72,"__typename":14},{"buttonLink":542},[543],{"title":11,"ariaLabel":11,"target":11,"linkUrl":145,"text":146,"__typename":14},{"buttonLink":545},[546],{"title":11,"ariaLabel":11,"target":11,"linkUrl":178,"text":179,"__typename":14},{"buttonLink":548},[549],{"title":11,"ariaLabel":11,"target":11,"linkUrl":110,"text":111,"__typename":14},{"buttonLink":551,"buttonLinks":553},[552],{"title":11,"ariaLabel":11,"target":11,"linkUrl":221,"text":222,"__typename":14},[554,557,560,563,566,569,572,575,578],{"buttonLink":555},[556],{"title":11,"ariaLabel":11,"target":11,"linkUrl":243,"text":244,"__typename":14},{"buttonLink":558},[559],{"title":11,"ariaLabel":11,"target":11,"linkUrl":233,"text":234,"__typename":14},{"buttonLink":561},[562],{"title":11,"ariaLabel":11,"target":11,"linkUrl":253,"text":254,"__typename":14},{"buttonLink":564},[565],{"title":11,"ariaLabel":11,"target":11,"linkUrl":263,"text":264,"__typename":14},{"buttonLink":567},[568],{"title":11,"ariaLabel":11,"target":11,"linkUrl":288,"text":289,"__typename":14},{"buttonLink":570},[571],{"title":11,"ariaLabel":11,"target":11,"linkUrl":293,"text":294,"__typename":14},{"buttonLink":573},[574],{"title":11,"ariaLabel":11,"target":11,"linkUrl":273,"text":274,"__typename":14},{"buttonLink":576},[577],{"title":11,"ariaLabel":11,"target":298,"linkUrl":100,"text":101,"__typename":102},{"buttonLink":579},[580],{"title":11,"ariaLabel":11,"target":298,"linkUrl":581,"text":582,"__typename":102},"https:\u002F\u002Fstatus.elliptic.co\u002F","Service Status",{"buttonLink":584,"buttonLinks":586},[585],{"title":11,"ariaLabel":11,"target":11,"linkUrl":318,"text":319,"__typename":14},[587,590,593,596],{"buttonLink":588},[589],{"title":11,"ariaLabel":11,"target":11,"linkUrl":326,"text":327,"__typename":14},{"buttonLink":591},[592],{"title":11,"ariaLabel":11,"target":11,"linkUrl":334,"text":335,"__typename":14},{"buttonLink":594},[595],{"title":11,"ariaLabel":11,"target":11,"linkUrl":377,"text":378,"__typename":14},{"buttonLink":597},[598],{"title":11,"ariaLabel":11,"target":11,"linkUrl":342,"text":369,"__typename":14},{"buttonLink":600,"buttonLinks":602},[601],{"title":408,"ariaLabel":11,"target":11,"linkUrl":409,"text":11,"__typename":389},[603,606,609,612,615],{"buttonLink":604},[605],{"title":11,"ariaLabel":11,"target":11,"linkUrl":416,"text":417,"__typename":14},{"buttonLink":607},[608],{"title":11,"ariaLabel":11,"target":11,"linkUrl":424,"text":425,"__typename":14},{"buttonLink":610},[611],{"title":11,"ariaLabel":11,"target":11,"linkUrl":432,"text":433,"__typename":14},{"buttonLink":613},[614],{"title":11,"ariaLabel":11,"target":11,"linkUrl":466,"text":467,"__typename":14},{"buttonLink":616},[617],{"title":11,"ariaLabel":11,"target":11,"linkUrl":471,"text":472,"__typename":14},{"buttonLink":619,"buttonLinks":622},[620],{"title":621,"ariaLabel":11,"target":11,"linkUrl":409,"text":11,"__typename":389},"Company",[623,626,629,632,635],{"buttonLink":624},[625],{"title":11,"ariaLabel":11,"target":11,"linkUrl":504,"text":505,"__typename":14},{"buttonLink":627},[628],{"title":11,"ariaLabel":11,"target":11,"linkUrl":509,"text":510,"__typename":14},{"buttonLink":630},[631],{"title":11,"ariaLabel":11,"target":11,"linkUrl":476,"text":477,"__typename":14},{"buttonLink":633},[634],{"title":11,"ariaLabel":11,"target":11,"linkUrl":514,"text":515,"__typename":14},{"buttonLink":636},[637],{"title":11,"ariaLabel":11,"target":11,"linkUrl":519,"text":520,"__typename":14},[639],{"buttonLink":640},[641],{"title":11,"ariaLabel":11,"target":11,"linkUrl":642,"text":643,"__typename":14},"https:\u002F\u002Fwww.elliptic.co\u002Fprivacy-notice\u002F","Privacy Notice","Elliptic Enterprises Limited. Registered in England and Wales (number 8458210). VAT registration number 171021261.","Stay ahead with expert insights",[647],{"uri":648},"newsletter",{"__typename":650,"siteName":651,"uri":652,"id":653,"title":654,"url":655,"postDate":656,"dateUpdated":657,"slug":658,"sectionHandle":659,"ancestors":660,"authorSelect":661,"asset":675,"categoryTopics":685,"categoryNewsTypes":692,"categoryIndustries":693,"categoryRegions":694,"seo":698,"articleContentArea":707,"faqs":806,"articleSelect":807,"plainText":11,"plainText2":11,"buttonLink":808},"article_Entry","Elliptic","insights\u002Ftudou-guarantee-winds-down-operations-after-12-billion-in-transactions","18008","Tudou Guarantee winds down operations after $12 billion in transactions","https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Ftudou-guarantee-winds-down-operations-after-12-billion-in-transactions\u002F","2026-01-19T16:11:26+00:00","2026-07-14T17:32:18+01:00","tudou-guarantee-winds-down-operations-after-12-billion-in-transactions","insightsResearch",[],[662],{"title":663,"uri":664,"plainText":11,"textBlock":11,"image":665,"externalLink":11,"plainText2":672,"entry":673},"Dr. Tom Robinson","authors\u002Fdr-tom-robinson",[666],{"title":667,"url":668,"alt":669,"width":670,"height":671},"Tom robinson","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Fteam\u002Ftom-robinson.jpg","Person with short, light brown hair wearing a dark suit jacket and white shirt, looking directly at the camera against a gray background.",642,720,"Stay ahead with exclusive insight from our experts.",[674],{"uri":648},[676],{"__typename":209,"image":677,"mobileImage":684},[678],{"title":679,"url":680,"alt":681,"width":682,"height":683},"Tudou Guarantee illicit","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002FTudou-Guarantee-illicit.png","Icons representing technology, finance, and data, with a binary code display in the center, set against a grid background.",2108,1109,[],[686,689],{"title":687,"slug":688},"Sanctions","sanctions",{"title":690,"slug":691},"Crypto Crime","crypto-crime",[],[],[695],{"title":696,"slug":697},"APAC","apac",{"title":699,"description":700,"advanced":701,"keywords":703,"social":704},"Tudou Guarantee winds down operations after $12 billion in transactions | Elliptic","Tudou Guarantee seems to have ceased operations after having processed $12 billion in illicit transactions. Elliptic traces the marketplace's rise, its ties to Huione and its sudden collapse.",{"canonical":11,"robots":702},[],[],{"facebook":705,"twitter":706},{"description":700,"title":699},{"description":700,"title":699},[708],{"articleContentAreaBlocks":709},[710,716,728,733,741,746,757,762,767,772,777,782,791,796,801],{"__typename":711,"textBlock":712},"textBlock_Entry",{"html":713,"rawHtml":713,"markdown":714,"plainText":715},"\u003Cp>Tudou Guarantee, the Telegram-based marketplace that emerged as a dominant force in Southeast Asia's scam economy following the shutdown of Huione Guarantee, appears to be shuttering its operations. \u003C\u002Fp>\n\n\u003Cp>Following a period of intense growth, Elliptic’s blockchain analytics and open source research show that the guarantee marketplace has effectively ceased transactions through its public Telegram groups. Since its inception, Tudou (translated as “Potato”) has processed over $12 billion in transactions, placing it as the third-largest illicit marketplace of all time.\u003C\u002Fp>\n\u003Cp>Other parts of Tudou Guarantee, such as its gambling operations, continue to function, so it remains to be seen whether this represents the first stages of a full shutdown or a pivot away from fraud-related activity.\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003C\u002Fspan>\u003C\u002Fp>","Tudou Guarantee, the Telegram-based marketplace that emerged as a dominant force in Southeast Asia's scam economy following the shutdown of Huione Guarantee, appears to be shuttering its operations.\n\nFollowing a period of intense growth, Elliptic’s blockchain analytics and open source research show that the guarantee marketplace has effectively ceased transactions through its public Telegram groups. Since its inception, Tudou (translated as “Potato”) has processed over $12 billion in transactions, placing it as the third-largest illicit marketplace of all time.\n\nOther parts of Tudou Guarantee, such as its gambling operations, continue to function, so it remains to be seen whether this represents the first stages of a full shutdown or a pivot away from fraud-related activity.\n\n\u003Cspan>\u003C\u002Fspan>","Tudou Guarantee, the Telegram-based marketplace that emerged as a dominant force in Southeast Asia's scam economy following the shutdown of Huione Guarantee, appears to be shuttering its operations.\n\nFollowing a period of intense growth, Elliptic’s blockchain analytics and open source research show that the guarantee marketplace has effectively ceased transactions through its public Telegram groups. Since its inception, Tudou (translated as “Potato”) has processed over $12 billion in transactions, placing it as the third-largest illicit marketplace of all time.\n\nOther parts of Tudou Guarantee, such as its gambling operations, continue to function, so it remains to be seen whether this represents the first stages of a full shutdown or a pivot away from fraud-related activity.",{"__typename":717,"asset":718},"assetBlock_Entry",[719],{"__typename":209,"image":720,"mobileImage":727},[721],{"title":722,"url":723,"alt":724,"width":725,"height":726},"Undefined Jan 19 2026 04 13 06 6878 PM","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002Fundefined-Jan-19-2026-04-13-06-6878-PM_2026-07-14-163216_tvuh.png","Text conversation in a messaging platform about group announcements and management details.",1024,332,[],{"__typename":711,"textBlock":729},{"html":730,"rawHtml":730,"markdown":731,"plainText":732},"\u003Cspan>\u003C\u002Fspan>\n\u003Cpre> \u003C\u002Fpre>\n\u003Cdiv>\u003Cem>Tudou Guarantee announces the return of all deposits to merchants\u003C\u002Fem>\u003C\u002Fdiv>","\u003Cspan>\u003C\u002Fspan>```\n \n```\n\n\u003Cdiv>*Tudou Guarantee announces the return of all deposits to merchants*\u003C\u002Fdiv>","```\n \n```\n\nTudou Guarantee announces the return of all deposits to merchants",{"__typename":734,"heading":735},"headingBlock_Entry",[736],{"headingTextBlock":737,"headingType":739,"headingStyle":739,"animated":740},{"rawHtml":738},"From Huione to Tudou: a succession story","h2",false,{"__typename":711,"textBlock":742},{"html":743,"rawHtml":743,"markdown":744,"plainText":745},"\u003Cp>Tudou Guarantee's rise was a direct result of Huione Guarantee's fall. In May 2025, Telegram shut down Huione Guarantee, which had processed over $27 billion in transactions, after Elliptic \u003Ca href=\"\u002Finsights\u002Fhuione-guarantee-the-multi-billion-dollar-marketplace-used-by-online-scammers\">\u003Cspan>published research\u003C\u002Fspan>\u003C\u002Fa> exposing its operations. It remains the largest illicit marketplace to have ever existed.\u003C\u002Fp>\n\u003Cp>As Huione Guarantee closed, it directed its merchants to migrate to Tudou Guarantee. Within weeks, Tudou's user base had more than doubled and its transaction volumes approached those of Huione Guarantee at its peak. Many of the same merchants relocated, continuing to offer stolen data, money laundering services and scam infrastructure to the same customer base.\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003C\u002Fspan>\u003C\u002Fp>","Tudou Guarantee's rise was a direct result of Huione Guarantee's fall. In May 2025, Telegram shut down Huione Guarantee, which had processed over $27 billion in transactions, after Elliptic [\u003Cspan>published research\u003C\u002Fspan>](\u002Finsights\u002Fhuione-guarantee-the-multi-billion-dollar-marketplace-used-by-online-scammers) exposing its operations. It remains the largest illicit marketplace to have ever existed.\n\nAs Huione Guarantee closed, it directed its merchants to migrate to Tudou Guarantee. Within weeks, Tudou's user base had more than doubled and its transaction volumes approached those of Huione Guarantee at its peak. Many of the same merchants relocated, continuing to offer stolen data, money laundering services and scam infrastructure to the same customer base.\n\n\u003Cspan>\u003C\u002Fspan>","Tudou Guarantee's rise was a direct result of Huione Guarantee's fall. In May 2025, Telegram shut down Huione Guarantee, which had processed over $27 billion in transactions, after Elliptic published research exposing its operations. It remains the largest illicit marketplace to have ever existed.\n\nAs Huione Guarantee closed, it directed its merchants to migrate to Tudou Guarantee. Within weeks, Tudou's user base had more than doubled and its transaction volumes approached those of Huione Guarantee at its peak. Many of the same merchants relocated, continuing to offer stolen data, money laundering services and scam infrastructure to the same customer base.",{"__typename":717,"asset":747},[748],{"__typename":209,"image":749,"mobileImage":756},[750],{"title":751,"url":752,"alt":753,"width":754,"height":755},"Undefined Jan 19 2026 04 15 30 5376 PM","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002Fundefined-Jan-19-2026-04-15-30-5376-PM_2026-07-14-163217_wkwt.png","Value of transactions received by Tudou Guarantee from Q4 2023 to Q4 2025, showing a significant upward trend in transaction value.",960,540,[],{"__typename":711,"textBlock":758},{"html":759,"rawHtml":759,"markdown":760,"plainText":761},"\u003Cdiv>\u003Cem>Total value of all transactions received by wallets associated with Tudou Guarantee and the merchants operating on it\u003C\u002Fem>\u003C\u002Fdiv>\n\u003Cdiv> \u003C\u002Fdiv>\n\u003Cp>The migration was not coincidental. Huione Guarantee had \u003Ca href=\"\u002Finsights\u002Ftelegram-dark-markets-expand-to-fill-the-gap-left-by-huione-guarantee\">\u003Cspan>acquired a 30% stake\u003C\u002Fspan>\u003C\u002Fa> in Tudou in December 2024, effectively positioning Tudou as its successor before the shutdown.\u003C\u002Fp>","\u003Cdiv>*Total value of all transactions received by wallets associated with Tudou Guarantee and the merchants operating on it*\u003C\u002Fdiv>\u003Cdiv> \u003C\u002Fdiv>The migration was not coincidental. Huione Guarantee had [\u003Cspan>acquired a 30% stake\u003C\u002Fspan>](\u002Finsights\u002Ftelegram-dark-markets-expand-to-fill-the-gap-left-by-huione-guarantee) in Tudou in December 2024, effectively positioning Tudou as its successor before the shutdown.","Total value of all transactions received by wallets associated with Tudou Guarantee and the merchants operating on it\n\n \n\nThe migration was not coincidental. Huione Guarantee had acquired a 30% stake in Tudou in December 2024, effectively positioning Tudou as its successor before the shutdown.",{"__typename":734,"heading":763},[764],{"headingTextBlock":765,"headingType":739,"headingStyle":739,"animated":740},{"rawHtml":766},"What did merchants sell on Tudou?",{"__typename":711,"textBlock":768},{"html":769,"rawHtml":769,"markdown":770,"plainText":771},"\u003Cp>Tudou's merchants offered a full supply chain for online fraud and scam operations:\u003C\u002Fp>\n\u003Cul>\n\u003Cli>\u003Cstrong>Money laundering services\u003C\u002Fstrong>: Merchants advertised crypto-to-fiat conversion, allowing scammers to cash out proceeds from pig butchering and other scams.\u003Cbr \u002F>\u003Cbr \u002F>\u003C\u002Fli>\n\u003Cli>\u003Cstrong>Stolen personal data\u003C\u002Fstrong>: Merchants sold personally identifiable information (PII) including identity documents, bank account details and phone numbers used to target and deceive victims.\u003Cbr \u002F>\u003Cbr \u002F>\u003C\u002Fli>\n\u003Cli>\u003Cstrong>Scam infrastructure\u003C\u002Fstrong>: Pre-built fraudulent investment platforms, fake trading interfaces and phishing websites were available for purchase, allowing even unsophisticated criminals to launch convincing scam operations.\u003Cbr \u002F>\u003Cbr \u002F>\u003C\u002Fli>\n\u003Cli>\u003Cstrong>Technology for deception\u003C\u002Fstrong>: Face-swapping software, AI voice cloning tools and deepfake technology enabled scammers to conduct video calls with victims while impersonating attractive personas.\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>The marketplace's escrow service gave buyers the confidence that they would receive what they paid for and sellers assurance they would be paid. This enabled a thriving criminal economy.\u003C\u002Fp>","Tudou's merchants offered a full supply chain for online fraud and scam operations:\n\n- **Money laundering services**: Merchants advertised crypto-to-fiat conversion, allowing scammers to cash out proceeds from pig butchering and other scams.\n- **Stolen personal data**: Merchants sold personally identifiable information (PII) including identity documents, bank account details and phone numbers used to target and deceive victims.\n- **Scam infrastructure**: Pre-built fraudulent investment platforms, fake trading interfaces and phishing websites were available for purchase, allowing even unsophisticated criminals to launch convincing scam operations.\n- **Technology for deception**: Face-swapping software, AI voice cloning tools and deepfake technology enabled scammers to conduct video calls with victims while impersonating attractive personas.\n\nThe marketplace's escrow service gave buyers the confidence that they would receive what they paid for and sellers assurance they would be paid. This enabled a thriving criminal economy.","Tudou's merchants offered a full supply chain for online fraud and scam operations:\n\n- Money laundering services: Merchants advertised crypto-to-fiat conversion, allowing scammers to cash out proceeds from pig butchering and other scams.\n- Stolen personal data: Merchants sold personally identifiable information (PII) including identity documents, bank account details and phone numbers used to target and deceive victims.\n- Scam infrastructure: Pre-built fraudulent investment platforms, fake trading interfaces and phishing websites were available for purchase, allowing even unsophisticated criminals to launch convincing scam operations.\n- Technology for deception: Face-swapping software, AI voice cloning tools and deepfake technology enabled scammers to conduct video calls with victims while impersonating attractive personas.\n\nThe marketplace's escrow service gave buyers the confidence that they would receive what they paid for and sellers assurance they would be paid. This enabled a thriving criminal economy.",{"__typename":734,"heading":773},[774],{"headingTextBlock":775,"headingType":739,"headingStyle":739,"animated":740},{"rawHtml":776},"How the Prince Group’s collapse led to Tudou’s shutdown",{"__typename":711,"textBlock":778},{"html":779,"rawHtml":779,"markdown":780,"plainText":781},"\u003Cp>Tudou's collapse is not an isolated event. Elliptic’s intelligence suggests that it is a direct consequence of Prince Group’s downfall. In October 2025, the US Treasury and UK Foreign Office \u003Ca href=\"\u002Finsights\u002Fprince-group-targeted-with-15b-crypto-seizure-and-sanctions-for-pig-butchering-operations\">\u003Cspan>imposed sweeping sanctions\u003C\u002Fspan>\u003C\u002Fa> on Prince Group and its chairman Chen Zhi, designating the organization as a transnational criminal organization. Treasury described Prince Group as operating \"at least ten scam compounds in Cambodia\" that relied on human trafficking and forced labor to conduct industrial-scale fraud.\u003C\u002Fp>\n\u003Cp>\u003Cspan>Law enforcement activity targeting scam compounds in Cambodia surged in the second half of 2025, culminating on January 6th 2026, with the joint Cambodian\u002FChinese \u003C\u002Fspan>\u003Ca href=\"https:\u002F\u002Fwww.bbc.co.uk\u002Fnews\u002Farticles\u002Fcy4q8e88n2vo\">\u003Cspan>arrest and extradition of Chen Zhi\u003C\u002Fspan>\u003C\u002Fa>\u003Cspan> to China, where he faces prosecution. Elliptic's real-time monitoring of Tudou's central administrative wallets shows a sudden drop in activity in the following days, suggesting a link to the arrest.\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003C\u002Fspan>\u003C\u002Fp>","Tudou's collapse is not an isolated event. Elliptic’s intelligence suggests that it is a direct consequence of Prince Group’s downfall. In October 2025, the US Treasury and UK Foreign Office [\u003Cspan>imposed sweeping sanctions\u003C\u002Fspan>](\u002Finsights\u002Fprince-group-targeted-with-15b-crypto-seizure-and-sanctions-for-pig-butchering-operations) on Prince Group and its chairman Chen Zhi, designating the organization as a transnational criminal organization. Treasury described Prince Group as operating \"at least ten scam compounds in Cambodia\" that relied on human trafficking and forced labor to conduct industrial-scale fraud.\n\n\u003Cspan>Law enforcement activity targeting scam compounds in Cambodia surged in the second half of 2025, culminating on January 6th 2026, with the joint Cambodian\u002FChinese \u003C\u002Fspan>[\u003Cspan>arrest and extradition of Chen Zhi\u003C\u002Fspan>](https:\u002F\u002Fwww.bbc.co.uk\u002Fnews\u002Farticles\u002Fcy4q8e88n2vo)\u003Cspan> to China, where he faces prosecution. Elliptic's real-time monitoring of Tudou's central administrative wallets shows a sudden drop in activity in the following days, suggesting a link to the arrest.\u003C\u002Fspan>\n\n\u003Cspan>\u003C\u002Fspan>","Tudou's collapse is not an isolated event. Elliptic’s intelligence suggests that it is a direct consequence of Prince Group’s downfall. In October 2025, the US Treasury and UK Foreign Office imposed sweeping sanctions on Prince Group and its chairman Chen Zhi, designating the organization as a transnational criminal organization. Treasury described Prince Group as operating \"at least ten scam compounds in Cambodia\" that relied on human trafficking and forced labor to conduct industrial-scale fraud.\n\nLaw enforcement activity targeting scam compounds in Cambodia surged in the second half of 2025, culminating on January 6th 2026, with the joint Cambodian\u002FChinese arrest and extradition of Chen Zhi to China, where he faces prosecution. Elliptic's real-time monitoring of Tudou's central administrative wallets shows a sudden drop in activity in the following days, suggesting a link to the arrest.",{"__typename":717,"asset":783},[784],{"__typename":209,"image":785,"mobileImage":790},[786],{"title":787,"url":788,"alt":789,"width":754,"height":755},"Undefined Jan 19 2026 04 18 49 3128 PM","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002Fundefined-Jan-19-2026-04-18-49-3128-PM_2026-07-14-163218_jani.png","Bar graph showing cryptocurrency values with a notable drop on January 4, 2026, indicating the arrest of Chen Zh, Chairman of Prince Group.",[],{"__typename":711,"textBlock":792},{"html":793,"rawHtml":793,"markdown":794,"plainText":795},"\u003Cdiv>Value of cryptocurrency received by Tudou Guarantee’s central administrative wallets.\u003C\u002Fdiv>\n\u003Cdiv> \u003C\u002Fdiv>","\u003Cdiv>Value of cryptocurrency received by Tudou Guarantee’s central administrative wallets.\u003C\u002Fdiv>\u003Cdiv>\u003C\u002Fdiv>","Value of cryptocurrency received by Tudou Guarantee’s central administrative wallets.",{"__typename":734,"heading":797},[798],{"headingTextBlock":799,"headingType":739,"headingStyle":739,"animated":740},{"rawHtml":800},"A fragmenting landscape",{"__typename":711,"textBlock":802},{"html":803,"rawHtml":803,"markdown":804,"plainText":805},"\u003Cp>The closure of Tudou is a significant blow to the Southeast Asian scam economy, but history suggests the vacuum will not remain unfilled for long. Following Huione Guarantee's shutdown, Elliptic observed rapid migration to Tudou and other marketplaces. We expect a similar pattern now, with activity dispersing across dozens of guarantee marketplaces we currently track as well as new entrants seeking to capture Tudou’s displaced merchants and customers.\u003C\u002Fp>\n\u003Cp>This fragmentation may make the ecosystem harder to monitor at first glance. But investigators are not standing still. In late 2025, the US Department of Justice launched the \u003Ca href=\"https:\u002F\u002Fwww.justice.gov\u002Fusao-dc\u002Fscam-center-strike-force\">\u003Cspan>Scam Center Strike Force\u003C\u002Fspan>\u003C\u002Fa>, a coordinated initiative bringing together the FBI, Secret Service and prosecutors to target transnational scam networks, with a particular focus on Southeast Asian operations. The Strike Force has already seized over $400 million in cryptoassets.\u003C\u002Fp>\n\u003Cp>The fundamental advantage remains on the side of investigators: Every cryptoasset transaction on these giant scam platforms creates a permanent record on the blockchain. The same transparency that allowed Elliptic to trace $12 billion in activity through Tudou will allow us and government investigators to track where that activity migrates next.\u003C\u002Fp>\n\u003Cp>\u003Cspan>We will continue monitoring Tudou's legacy wallets and the broader guarantee marketplace ecosystem to identify emerging platforms and provide actionable intelligence to our partners. If you would like to learn about such blockchain intelligence, \u003C\u002Fspan>\u003Ca href=\"\u002Fstart-a-trial\u002F\">\u003Cstrong>\u003Cspan>contact our government team today\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fa>\u003Cspan>.\u003C\u002Fspan>\u003C\u002Fp>","The closure of Tudou is a significant blow to the Southeast Asian scam economy, but history suggests the vacuum will not remain unfilled for long. Following Huione Guarantee's shutdown, Elliptic observed rapid migration to Tudou and other marketplaces. We expect a similar pattern now, with activity dispersing across dozens of guarantee marketplaces we currently track as well as new entrants seeking to capture Tudou’s displaced merchants and customers.\n\nThis fragmentation may make the ecosystem harder to monitor at first glance. But investigators are not standing still. In late 2025, the US Department of Justice launched the [\u003Cspan>Scam Center Strike Force\u003C\u002Fspan>](https:\u002F\u002Fwww.justice.gov\u002Fusao-dc\u002Fscam-center-strike-force), a coordinated initiative bringing together the FBI, Secret Service and prosecutors to target transnational scam networks, with a particular focus on Southeast Asian operations. The Strike Force has already seized over $400 million in cryptoassets.\n\nThe fundamental advantage remains on the side of investigators: Every cryptoasset transaction on these giant scam platforms creates a permanent record on the blockchain. The same transparency that allowed Elliptic to trace $12 billion in activity through Tudou will allow us and government investigators to track where that activity migrates next.\n\n\u003Cspan>We will continue monitoring Tudou's legacy wallets and the broader guarantee marketplace ecosystem to identify emerging platforms and provide actionable intelligence to our partners. If you would like to learn about such blockchain intelligence, \u003C\u002Fspan>[**\u003Cspan>contact our government team today\u003C\u002Fspan>**](\u002Fstart-a-trial\u002F)\u003Cspan>.\u003C\u002Fspan>","The closure of Tudou is a significant blow to the Southeast Asian scam economy, but history suggests the vacuum will not remain unfilled for long. Following Huione Guarantee's shutdown, Elliptic observed rapid migration to Tudou and other marketplaces. We expect a similar pattern now, with activity dispersing across dozens of guarantee marketplaces we currently track as well as new entrants seeking to capture Tudou’s displaced merchants and customers.\n\nThis fragmentation may make the ecosystem harder to monitor at first glance. But investigators are not standing still. In late 2025, the US Department of Justice launched the Scam Center Strike Force, a coordinated initiative bringing together the FBI, Secret Service and prosecutors to target transnational scam networks, with a particular focus on Southeast Asian operations. The Strike Force has already seized over $400 million in cryptoassets.\n\nThe fundamental advantage remains on the side of investigators: Every cryptoasset transaction on these giant scam platforms creates a permanent record on the blockchain. The same transparency that allowed Elliptic to trace $12 billion in activity through Tudou will allow us and government investigators to track where that activity migrates next.\n\nWe will continue monitoring Tudou's legacy wallets and the broader guarantee marketplace ecosystem to identify emerging platforms and provide actionable intelligence to our partners. If you would like to learn about such blockchain intelligence, **contact our government team today**.",[],[],[],[810,853,885,919,945,973,1001,1025,1052],{"id":811,"uri":812,"title":813,"postDate":814,"__typename":650,"asset":815,"categoryTopics":825,"categoryNewsTypes":829,"categoryIndustries":830,"categoryRegions":840,"categoryWebinarTypes":11,"categoryEventTypes":11,"authorSelect":842,"date":11,"date2":11,"plainText":11,"externalUrl":11,"private":11},"149769","insights\u002Fhow-to-get-ready-for-hong-kongs-next-wave-of-virtual-asset-licensing","How to get ready for Hong Kong's next wave of virtual asset licensing","2026-08-27T01:56:23+01:00",[816],{"__typename":209,"image":817,"mobileImage":824},[818],{"title":819,"url":820,"alt":821,"width":822,"height":823},"Blog Hong Kong awards first stablecoin licenses 720x380","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002FBlog-Hong-Kong-awards-first-stablecoin-licenses_720x380.png","Design featuring the Hong Kong flag stylized with a swirl pattern, surrounded by abstract glowing shapes and icons on a dark background.",1500,792,[],[826],{"title":827,"slug":828},"Regulation","regulation",[],[831,834,837],{"title":832,"slug":833},"Financial Institutions","financial-services",{"title":835,"slug":836},"Crypto Companies","crypto-businesses",{"title":838,"slug":839},"Payment Service Providers","payment-service-providers",[841],{"title":696,"slug":697},[843],{"title":844,"uri":845,"plainText":11,"textBlock":11,"image":846,"externalLink":11,"plainText2":672,"entry":851},"June Lau","authors\u002Fjune-lau",[847],{"title":844,"url":848,"alt":849,"width":850,"height":850},"https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Fauthors\u002FJune-Lau.webp","A person smiling in a yellow jacket against a light background.",130,[852],{"uri":648},{"id":854,"uri":855,"title":856,"postDate":857,"__typename":650,"asset":858,"categoryTopics":868,"categoryNewsTypes":873,"categoryIndustries":874,"categoryRegions":877,"categoryWebinarTypes":11,"categoryEventTypes":11,"authorSelect":879,"date":11,"date2":11,"plainText":11,"externalUrl":11,"private":11},"110540","insights\u002Fhow-to-embed-mas-aml-cft-expectations-into-your-controls","How to build MAS' AML\u002FCFT expectations into your controls","2026-08-04T08:56:49+01:00",[859],{"__typename":209,"image":860,"mobileImage":867},[861],{"title":862,"url":863,"alt":864,"width":865,"height":866},"36 Crypto case deconfliction 720x380","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002F36_Crypto-case-deconfliction_720x380_2026-07-14-162023_rskk.png","A digital interface with glowing icons, including a gear symbol, representing various technology and data-related concepts in a grid layout.",3000,1584,[],[869,870],{"title":827,"slug":828},{"title":871,"slug":872},"Regulation & policy","regulation-policy",[],[875,876],{"title":832,"slug":833},{"title":835,"slug":836},[878],{"title":696,"slug":697},[880],{"title":844,"uri":845,"plainText":11,"textBlock":11,"image":881,"externalLink":11,"plainText2":672,"entry":883},[882],{"title":844,"url":848,"alt":849,"width":850,"height":850},[884],{"uri":648},{"id":886,"uri":887,"title":888,"postDate":889,"__typename":650,"asset":890,"categoryTopics":900,"categoryNewsTypes":903,"categoryIndustries":904,"categoryRegions":905,"categoryWebinarTypes":11,"categoryEventTypes":11,"authorSelect":906,"date":11,"date2":11,"plainText":11,"externalUrl":11,"private":11},"107351","insights\u002Fthe-fall-of-a7a5-how-sanctions-strangled-the-ruble-stablecoin","The fall of A7A5: how sanctions strangled the ruble stablecoin","2026-07-29T13:25:00+01:00",[891],{"__typename":209,"image":892,"mobileImage":899},[893],{"title":894,"url":895,"alt":896,"width":897,"height":898},"The fall of A7 A5","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002FThe-fall-of-A7A5.webp","3D depiction of a circular token labeled \"A745\" among floating coin-like shapes and binary code elements on a dark background.",1000,528,[],[901,902],{"title":690,"slug":691},{"title":687,"slug":688},[],[],[],[907],{"title":651,"uri":908,"plainText":11,"textBlock":909,"image":911,"externalLink":11,"plainText2":672,"entry":917},"authors\u002Felliptic",{"rawHtml":910},"\u003Cp>Here we discuss cryptoasset compliance, blockchain analysis, financial crime, sanctions regulation, and how Elliptic supports our crypto business and financial services customers with solutions.\u003C\u002Fp>",[912],{"title":913,"url":914,"alt":915,"width":916,"height":916},"Apple touch icon","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Fapple-touch-icon.png","Stylized letter \"E\" in a 3D effect, set against a gradient green background.",180,[918],{"uri":648},{"id":920,"uri":921,"title":922,"postDate":923,"__typename":650,"asset":924,"categoryTopics":931,"categoryNewsTypes":935,"categoryIndustries":936,"categoryRegions":937,"categoryWebinarTypes":11,"categoryEventTypes":11,"authorSelect":939,"date":11,"date2":11,"plainText":11,"externalUrl":11,"private":11},"109481","insights\u002Fwhy-hong-kongs-crypto-regulation-is-drawing-institutional-capital","Why Hong Kong’s crypto regulation is drawing institutional capital","2026-07-25T00:00:00+01:00",[925],{"__typename":209,"image":926,"mobileImage":930},[927],{"title":928,"url":929,"alt":11,"width":897,"height":898},"Hong Kong digital assets market building 720x380","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002FHong-Kong-digital-assets-market-building_720x380.webp",[],[932],{"title":933,"slug":934},"Regulators & Government","regulators-government",[],[],[938],{"title":696,"slug":697},[940],{"title":844,"uri":845,"plainText":11,"textBlock":11,"image":941,"externalLink":11,"plainText2":672,"entry":943},[942],{"title":844,"url":848,"alt":849,"width":850,"height":850},[944],{"uri":648},{"id":946,"uri":947,"title":948,"postDate":949,"__typename":650,"asset":950,"categoryTopics":958,"categoryNewsTypes":963,"categoryIndustries":964,"categoryRegions":965,"categoryWebinarTypes":11,"categoryEventTypes":11,"authorSelect":967,"date":11,"date2":11,"plainText":11,"externalUrl":11,"private":11},"107521","insights\u002Fwhat-webx-tokyo-taught-me-about-japans-readiness-for-on-chain-finance","What WebX Tokyo taught me about Japan’s readiness for on-chain finance","2026-07-23T14:34:00+01:00",[951],{"__typename":209,"image":952,"mobileImage":957},[953],{"title":954,"url":955,"alt":956,"width":897,"height":898},"Thailand crypto regulation","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002FThailand-crypto-regulation.webp","Abstract digital illustration of floating cubes with icons representing data, analytics, and processes against a dark, binary background.",[],[959,960],{"title":827,"slug":828},{"title":961,"slug":962},"Tokenization","tokenization",[],[],[966],{"title":696,"slug":697},[968],{"title":844,"uri":845,"plainText":11,"textBlock":11,"image":969,"externalLink":11,"plainText2":672,"entry":971},[970],{"title":844,"url":848,"alt":849,"width":850,"height":850},[972],{"uri":648},{"id":974,"uri":975,"title":976,"postDate":977,"__typename":650,"asset":978,"categoryTopics":986,"categoryNewsTypes":988,"categoryIndustries":989,"categoryRegions":990,"categoryWebinarTypes":11,"categoryEventTypes":11,"authorSelect":994,"date":11,"date2":11,"plainText":11,"externalUrl":11,"private":11},"107687","insights\u002Fhow-bitcoin-atm-scams-work","How Bitcoin ATM scams work and how banks can spot the risk on-chain","2026-07-22T15:16:00+01:00",[979],{"__typename":209,"image":980,"mobileImage":985},[981],{"title":982,"url":983,"alt":984,"width":897,"height":898},"How bitcoin atm scams work","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002Fhow-bitcoin-atm-scams-work.webp","A stylized magnifying glass icon with a heartbeat line inside, surrounded by abstract lines and small Bitcoin symbols in various colors.",[],[987],{"title":690,"slug":691},[],[],[991],{"title":992,"slug":993},"Americas","americas",[995],{"title":651,"uri":908,"plainText":11,"textBlock":996,"image":997,"externalLink":11,"plainText2":672,"entry":999},{"rawHtml":910},[998],{"title":913,"url":914,"alt":915,"width":916,"height":916},[1000],{"uri":648},{"id":1002,"uri":1003,"title":1004,"postDate":1005,"__typename":650,"asset":1006,"categoryTopics":1013,"categoryNewsTypes":1015,"categoryIndustries":1016,"categoryRegions":1017,"categoryWebinarTypes":11,"categoryEventTypes":11,"authorSelect":1018,"date":11,"date2":11,"plainText":11,"externalUrl":11,"private":11},"109774","insights\u002Fbehind-the-fbi-case-against-huione","Behind the FBI case against Huione: the $134 billion marketplace and money laundering operation exposed by Elliptic","2026-06-24T10:18:00+01:00",[1007],{"__typename":209,"image":1008,"mobileImage":1012},[1009],{"title":1010,"url":1011,"alt":11,"width":897,"height":898},"Huione blog 2026 hero","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002Fhuione_blog-2026_hero.webp",[],[1014],{"title":690,"slug":691},[],[],[],[1019],{"title":651,"uri":908,"plainText":11,"textBlock":1020,"image":1021,"externalLink":11,"plainText2":672,"entry":1023},{"rawHtml":910},[1022],{"title":913,"url":914,"alt":915,"width":916,"height":916},[1024],{"uri":648},{"id":1026,"uri":1027,"title":1028,"postDate":1029,"__typename":650,"asset":1030,"categoryTopics":1038,"categoryNewsTypes":1040,"categoryIndustries":1041,"categoryRegions":1044,"categoryWebinarTypes":11,"categoryEventTypes":11,"authorSelect":1046,"date":11,"date2":11,"plainText":11,"externalUrl":11,"private":11},"10028","insights\u002Fthailand-crypto-regulation-has-entered-its-market-building-phase","Thailand's crypto regulation has entered its market-building phase","2026-06-10T09:11:41+01:00",[1031],{"__typename":209,"image":1032,"mobileImage":1037},[1033],{"title":1034,"url":1035,"alt":1036,"width":865,"height":866},"71 Thailand crypto regulation 720x380","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002F71_Thailand-crypto-regulation_720x380_2026-07-14-161428_koys.png","Abstract digital illustration of glowing cubes arranged in a pyramid with icons representing data, settings, and analytics against a binary code background.",[],[1039],{"title":827,"slug":828},[],[1042],{"title":1043,"slug":934},"Governments & 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to…",[1113,1115,1117,1119],{"text":738,"anchorId":1114},"from-huione-to-tudou-a-succession-story",{"text":766,"anchorId":1116},"what-did-merchants-sell-on-tudou",{"text":776,"anchorId":1118},"how-the-prince-group-s-collapse-led-to-tudou-s-shutdown",{"text":800,"anchorId":1120},"a-fragmenting-landscape",{"blocks":1122,"navItems":1154},[1123,1125,1130,1131,1134,1135,1139,1140,1142,1143,1145,1146,1150,1151,1153],{"type":1124,"textBlock":713},"textBlock",{"type":1126,"asset":1127},"assetBlock",{"type":1101,"picture":1128},{"source":1129},{"src":723,"alt":724,"width":725,"height":726},{"type":1124,"textBlock":730},{"type":1132,"heading":1133,"anchorId":1114},"headingBlock",{"text":738,"type":739,"style":739,"animated":740},{"type":1124,"textBlock":743},{"type":1126,"asset":1136},{"type":1101,"picture":1137},{"source":1138},{"src":752,"alt":753,"width":754,"height":755},{"type":1124,"textBlock":759},{"type":1132,"heading":1141,"anchorId":1116},{"text":766,"type":739,"style":739,"animated":740},{"type":1124,"textBlock":769},{"type":1132,"heading":1144,"anchorId":1118},{"text":776,"type":739,"style":739,"animated":740},{"type":1124,"textBlock":779},{"type":1126,"asset":1147},{"type":1101,"picture":1148},{"source":1149},{"src":788,"alt":789,"width":754,"height":755},{"type":1124,"textBlock":793},{"type":1132,"heading":1152,"anchorId":1120},{"text":800,"type":739,"style":739,"animated":740},{"type":1124,"textBlock":803},[1155,1156,1157,1158],{"text":738,"anchorId":1114},{"text":766,"anchorId":1116},{"text":776,"anchorId":1118},{"text":800,"anchorId":1120},{"heading":1160},"Share",[1162,1181,1200,1215],{"id":811,"uri":812,"title":813,"postDate":814,"__typename":650,"asset":1163,"categoryTopics":1167,"categoryIndustries":1169,"categoryRegions":1173,"authorSelect":1175},[1164],{"__typename":209,"image":1165},[1166],{"title":819,"url":820,"alt":821,"width":822,"height":823},[1168],{"title":827,"slug":828},[1170,1171,1172],{"title":832,"slug":833},{"title":835,"slug":836},{"title":838,"slug":839},[1174],{"title":696,"slug":697},[1176],{"title":844,"uri":845,"image":1177,"plainText2":672,"entry":1179},[1178],{"title":844,"url":848,"alt":849,"width":850,"height":850},[1180],{"uri":648},{"id":854,"uri":855,"title":856,"postDate":857,"__typename":650,"asset":1182,"categoryTopics":1186,"categoryIndustries":1189,"categoryRegions":1192,"authorSelect":1194},[1183],{"__typename":209,"image":1184},[1185],{"title":862,"url":863,"alt":864,"width":865,"height":866},[1187,1188],{"title":827,"slug":828},{"title":871,"slug":872},[1190,1191],{"title":832,"slug":833},{"title":835,"slug":836},[1193],{"title":696,"slug":697},[1195],{"title":844,"uri":845,"image":1196,"plainText2":672,"entry":1198},[1197],{"title":844,"url":848,"alt":849,"width":850,"height":850},[1199],{"uri":648},{"id":886,"uri":887,"title":888,"postDate":889,"__typename":650,"asset":1201,"categoryTopics":1205,"authorSelect":1208},[1202],{"__typename":209,"image":1203},[1204],{"title":894,"url":895,"alt":896,"width":897,"height":898},[1206,1207],{"title":690,"slug":691},{"title":687,"slug":688},[1209],{"title":651,"uri":908,"textBlock":1210,"image":1211,"plainText2":672,"entry":1213},{"rawHtml":910},[1212],{"title":913,"url":914,"alt":915,"width":916,"height":916},[1214],{"uri":648},{"id":920,"uri":921,"title":922,"postDate":923,"__typename":650,"asset":1216,"categoryTopics":1220,"categoryRegions":1222,"authorSelect":1224},[1217],{"__typename":209,"image":1218},[1219],{"title":928,"url":929,"width":897,"height":898},[1221],{"title":933,"slug":934},[1223],{"title":696,"slug":697},[1225],{"title":844,"uri":845,"image":1226,"plainText2":672,"entry":1228},[1227],{"title":844,"url":848,"alt":849,"width":850,"height":850},[1229],{"uri":648},[1231,1241,1251,1259,1269],{"title":1232,"textBlock":1233,"categoryFaqs":1235,"categoryTopics":1239},"What is indirect sanctions exposure?",{"rawHtml":1234},"Indirect exposure is risk that arises when funds are connected to a sanctioned entity through one or more intermediate transactions, rather than coming directly from them. It can still create compliance risk even several hops away.",[1236],{"title":1237,"slug":1238},"Indirect Exposure","indirect-exposure",[1240],{"title":687,"slug":688},{"title":1242,"textBlock":1243,"categoryFaqs":1245,"categoryTopics":1249},"Why do ruble-backed stablecoins make this important?",{"rawHtml":1244},"They can carry value linked to sanctioned Russian actors, so a firm can become exposed without transacting with a sanctioned party directly. Detecting that link requires tracing exposure across hops.",[1246],{"title":1247,"slug":1248},"Ruble Stablecoins","ruble-stablecoins",[1250],{"title":687,"slug":688},{"title":1252,"textBlock":1253,"categoryFaqs":1255,"categoryTopics":1257},"How does Elliptic help identify indirect exposure?",{"rawHtml":1254},"Elliptic assesses how closely a wallet or transaction is connected to sanctioned entities across multiple hops and chains, so teams can configure rules that account for indirect as well as direct exposure.",[1256],{"title":1237,"slug":1238},[1258],{"title":687,"slug":688},{"title":1260,"textBlock":1261,"categoryFaqs":1263,"categoryTopics":1267},"What did Elliptic find about Iran and dollar stablecoins?",{"rawHtml":1262},"Elliptic's research indicates Iran-linked actors have acquired US dollar stablecoins worth at least half a billion dollars, showing how sanctioned actors can use stablecoins to access dollar value.",[1264],{"title":1265,"slug":1266},"Iran","iran",[1268],{"title":687,"slug":688},{"title":1270,"textBlock":1271,"categoryFaqs":1273,"categoryTopics":1277},"How can firms detect this kind of exposure?",{"rawHtml":1272},"Through blockchain analytics that attribute activity to sanctioned-linked actors and assess direct and indirect exposure across chains.",[1274],{"title":1275,"slug":1276},"Exposure Screening","exposure-screening",[1278],{"title":687,"slug":688},1788434091562]