A Telegram-based escrow service linked to illicit online marketplaces is winding down operations after refunding more than $130 million in Tether (USDT) to merchants, a move that analysts say could significantly disrupt a major hub for crypto-related scams. According to blockchain analytics firm Bitrace, Tudou Guarantee – linked to the Cambodia-based Huione Group – has refunded $130 million in USDT to the group's public merchants since the beginning of 2026.
Refunds began with roughly $3.7 million on January 1 and peaked at approximately $18.1 million on January 15. The company seemingly announced the shuttering of operations through its Telegram channel on January 13, according to screenshots shared by Bitrace. The platform functioned as a core escrow layer within the Huione ecosystem, which also operates payment service Huione Pay and crypto exchange Huione Crypto.
Analysts suggest this development may lead to a slowdown in phishing and pig butchering scams, which were offered as a service by hundreds of vendors on the marketplace. The refund wave has created immediate liquidity stress across scam-linked Telegram channels, as escrow services underpin trust between anonymous counterparties. Without that layer, transaction volume may drop sharply, forcing smaller scam operators to pause operations or exit entirely.
Blockchain security firm Elliptic had previously uncovered thousands of wallet addresses associated with Tudou Guarantee's vendors and operations, flagging $89 billion in crypto received by these illicit wallets in a January 2025 report. Elliptic also estimated Tudou Guarantee processed at least $24 billion in transactions as it increasingly relied on proprietary cryptocurrency infrastructure.
The marketplace had launched a US dollar-based stablecoin in September 2024 as its latest crypto endeavor, following the launch of a blockchain, crypto exchange, and 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.
The collapse marks a rare disruption at scale for organized crypto fraud networks. Crypto fraud continues to generate heavy industry-wide losses, with CertiK reporting $722 million lost to phishing across 248 incidents in 2025, while romance scams remain widespread through emotional manipulation.
