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$12B Scam Market Tudou Guarantee Shuts Down

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Telegram-Based Marketplace Closes After Prince Group Founder’s Arrest

Rashmi Ramesh (rashmiramesh_) •
January 20, 2026    

$12B Scam Market Tudou Guarantee Shuts Down
Image: Garry Killian/Shutterstock

Tudou Guarantee, a Telegram-based marketplace that processed more than $12 billion in fraud-related transactions, has shut down its operations.

See Also: OnDemand | 2024 Phishing Insights: What 11.9 Million User Behaviors Reveal About Your Risk

Blockchain intelligence firm Elliptic said the third-largest illicit marketplace of all time facilitated money laundering, sales of stolen personal data and distribution of scam infrastructures including fraudulent investment platforms and deepfake technology.

The shutdown follows the Jan. 6 arrest and extradition of Chen Zhi, chairman of Cambodia’s Prince Group conglomerate, to China. Elliptic’s monitoring of Tudou’s central administrative wallets shows a sudden drop in activity in the days following the arrest (see: Cambodian Conglomerate a ‘Pig Butchering’ Outfit, Says US).

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Some parts of Tudou Guarantee, such as its gambling operations, continue to function, but Elliptic said it is unclear whether this represents a complete shutdown or a shift away from fraud-related activity.

The closure marks a disruption to Southeast Asia’s fraud economy, which has emerged as a global hub for romance scams and other fraud operations. The scams are often run from compounds using trafficked labor and have defrauded victims worldwide of billions of dollars. Thailand has cited the prevalence of scam centers in Cambodia as a basis for border conflicts with Phnom Penh, where Chinese crime groups have embedded with the ruling elite (see: Scam Centers Fueling Thailand’s Border War With Cambodia).

The U.S. and the U.K. governments in October imposed sanctions on Prince Group and Chen, designating the organization as a transnational criminal organization. The U.S. Department of Treasury described Prince Group as operating at least 10 scam compounds in Cambodia, accusing it of relying on human trafficking and forced labor.

Tudou rose to prominence following the May shutdown of Huione Guarantee, a Cambodia financial services firm central to laundering proceeds generated by the Prince Group and other cybercrime groups. It processed over $27 billion in transactions before Telegram closed it down. Huione remains the largest illicit marketplace to have existed, according to Elliptic.

The migration from Huione to Tudou was planned. Huione Guarantee had acquired a 30% stake in Tudou in December 2024, positioning Tudou as its successor. As Huione closed, it directed merchants to migrate to Tudou. Within weeks, Tudou’s user base more than doubled and transaction volumes approached those of Huione at its peak (see: Huione’s ‘Shutdown’ Fails to Halt Its Laundering Network).

Merchants on Tudou offered services for online fraud operations. These included money laundering services that allowed scammers to convert cryptocurrency to traditional currency, stolen personal data including identity documents and bank account details, pre-built fraudulent investment platforms and phishing websites, and face-swapping software and voice cloning tools.

The marketplace’s escrow service gave buyers confidence they would receive what they paid for and sellers assurance they would be paid.

Law enforcement activity targeting scam compounds in Cambodia increased last year. China’s Ministry of Public Security described Chen as the ringleader of a major cross-border online gambling and criminal fraud syndicate, according to a statement released after his extradition. The Prince Group has reportedly denied engaging in unlawful activity.

Elliptic said it expects activity to disperse across dozens of guarantee marketplaces it currently tracks as well as new entrants seeking to capture displaced merchants and customers.

Tom Robinson, founder and chief scientist at Elliptic, said Telegram is no longer taking action against these scam marketplaces, meaning there is no need for them to move to other messaging platforms.

The fragmentation may complicate monitoring efforts initially, but every cryptocurrency transaction on these platforms creates a permanent record on the blockchain, which will allow investigators to track where that activity migrates next, the firm said.





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    Embracing the Journey: Continuous Learning and Certification for Ethical Hackers

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    The Tools of Ethical Hacking

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    References:

    "Cybersecurity Market, By Component (Hardware, Solution, Service), By Security Type, By Solution, By Application (IT & Telecom, Retail, BFSI, Healthcare, Defense & Government, Manufacturing, Energy, Others), By Region Forecast to 2032". Www.Emergenresearch.Com, 2023, https://www.emergenresearch.com/industry-report/cyber-security-market. Accessed 25 May 2023.

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    4) Firewall

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    5) VPN (Virtual Private Network)

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    10) Botnet

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    Understanding cybersecurity is not just for the tech-savvy; it's for everyone. We are all potential targets for cyber threats, and comprehension of basic cybersecurity terminology can make a significant difference in safeguarding ourselves and our digital assets.

    Employing cybersecurity measures also helps to keep your digital data safe. This might include using a VPN, enabling two-factor authentication, or simply being wary of suspicious emails to prevent phishing attacks.

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