Audit log

Every state-changing event for Tudou Guarantee Telegram Marketplace: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-06-08 01:22:04Z
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   3BgCT59QkJ1t…6cD1YSTAcopyexplorer ↗

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   {"actor":"system:backfill","investigation_id":"13b5cfe3-6435-4d83-8822-822d7b3ce08c","kind":"publish","page_slug":"tudou-guarantee-telegram-marketplace","published_at":"2026-06-08T01:22:04.208Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Tudou Guarantee Telegram Marketplace","sections":[{"content":"Tudou Guarantee (Chinese: 土豆担保, meaning 'Potato Guarantee') was a Telegram-based guarantee marketplace that operated primarily in Chinese and served cyber-fraud operators across Southeast Asia. The platform processed over $12 billion in USDT transactions since its launch in 2023, ranking it as the third-largest illicit marketplace of all time behind Huione Guarantee ($27 billion) and Xinbi Guarantee. Like its peers, all transactions were conducted in Tether's USDT stablecoin, primarily on the TRON blockchain, which enabled peer-to-peer value transfer with reduced exposure to conventional anti-money-laundering controls. At its operational peak following Huione Guarantee's May 2025 shutdown, Tudou's daily transaction volumes approached those previously handled by Huione, with its user base more than doubling within weeks of Huione's closure. Elliptic and TRM Labs, two independent blockchain analytics firms, tracked transaction flows through Tudou's identified administrative wallets and confirmed these volumes through on-chain data. An alternative transaction volume figure of $14.6 billion has also been cited by RUSI, though the $12 billion figure from Elliptic is the most widely cited.","heading":"Overview and Scale","severity":"critical","sources":[{"credibility":2,"name":"Tudou Guarantee winds down operations after $12 billion in transactions — Elliptic","type":"research","url":"https://www.elliptic.co/blog/tudou-guarantee-winds-down-operations-after-12-billion-in-transactions"},{"credibility":2,"name":"Tudou Guarantee Marketplace Halts Telegram Transactions After Processing Over $12 Billion — The Hacker News","type":"news_article","url":"https://thehackernews.com/2026/01/tudou-guarantee-marketplace-halts.html"},{"credibility":2,"name":"Multi-Billion Dollar Guarantee Marketplaces Exploit Stablecoins for Scams — RUSI","type":"research","url":"https://www.rusi.org/explore-our-research/publications/commentary/multi-billion-dollar-guarantee-marketplaces-exploit-stablecoins-scams"},{"credibility":2,"name":"How Telegrams Ban on Huione and Xinbi Has Reshaped the Guarantee Services Landscape — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/how-telegrams-ban-on-huione-and-xinbi-has-reshaped-the-guarantee-services-landscape"}]},{"content":"Tudou Guarantee functioned as an escrow and guarantee layer for a marketplace of illicit vendors. Merchants on the platform were documented selling the following categories of services and products: (1) Stolen personal data, including identity documents, bank account credentials, and phone number databases used to identify and target fraud victims; (2) Money laundering services, including crypto-to-fiat conversion to allow pig-butchering and other scam operators to cash out USDT proceeds; (3) Scam infrastructure, including pre-built fraudulent investment platforms, phishing websites, and supporting software; (4) AI-powered deception technology, including deepfake face-swapping software, voice cloning tools, and real-time video impersonation capabilities used to pose as romantic partners or financial advisors during pig-butchering schemes. These services directly supported what law enforcement agencies describe as 'pig butchering' (sha zhu pan) scams, in which victims are cultivated over weeks or months via fabricated romantic or professional relationships before being directed to fraudulent cryptocurrency investment platforms. The marketplace operated on a guarantee model in which Tudou held funds in escrow during transactions between buyers and sellers, providing dispute resolution — a structural feature that increased vendor and buyer trust in illicit transactions.","heading":"Services and Illicit Offerings","severity":"critical","sources":[{"credibility":2,"name":"Tudou Guarantee Marketplace Halts Telegram Transactions — The Hacker News","type":"news_article","url":"https://thehackernews.com/2026/01/tudou-guarantee-marketplace-halts.html"},{"credibility":2,"name":"Telegram dark markets expand to fill the gap left by Huione Guarantee — Elliptic","type":"research","url":"https://www.elliptic.co/blog/telegram-dark-markets-expand-to-fill-the-gap-left-by-huione-guarantee"},{"credibility":2,"name":"Scam Marketplace Tudou Guarantee Shutters Telegram Ops — Infosecurity Magazine","type":"news_article","url":"https://www.infosecurity-magazine.com/news/scam-market-tudou-guarantee-shut/"}]},{"content":"The relationship between Tudou Guarantee and Huione Guarantee is documented through both corporate ownership and operational continuity. In December 2024, Huione Guarantee acquired a 30% stake in Tudou Guarantee, as reported by Elliptic and confirmed by multiple subsequent analyses. This investment predated Huione's shutdown by approximately five months, suggesting deliberate succession planning. When Telegram removed Huione Guarantee's channels in May 2025, Huione formally directed its vendor network to migrate to Tudou. On-chain analysis by TRM Labs found that vendors formerly active on Huione were operating on Tudou using identical wallet infrastructure, leading TRM to assess that Huione Guarantee was likely merging with or operating through Tudou rather than simply referring traffic. Huione Group is itself designated a subsidiary of Prince Group, the Cambodia-based conglomerate led by Chen Zhi. Prince Group was designated a Transnational Criminal Organization (TCO) by the U.S. Treasury's OFAC on October 14, 2025, in a coordinated bilateral action with the United Kingdom that targeted 146 entities and individuals. FinCEN separately designated Huione Group as a 'primary money laundering concern' under the USA PATRIOT Act, with a final rule severing Huione from the U.S. financial system issued in October 2025. Tudou's wind-down following Chen Zhi's arrest in January 2026 reinforced the operational dependency between Tudou and the broader Prince Group / Huione network.","heading":"Connection to Huione Guarantee and the Prince Group","severity":"critical","sources":[{"credibility":2,"name":"Elliptic data leads to the shutdown of the two largest online criminal marketplaces of all time — Elliptic","type":"research","url":"https://www.elliptic.co/blog/elliptic-data-telegram-market-takedown"},{"credibility":1,"name":"U.S. and U.K. Take Largest Action Ever Targeting Cybercriminal Networks in Southeast Asia — U.S. Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0278"},{"credibility":1,"name":"FinCEN Issues Final Rule Severing Huione Group from the U.S. Financial System — FinCEN","type":"regulatory","url":"https://www.fincen.gov/news/news-releases/fincen-issues-final-rule-severing-huione-group-us-financial-system"},{"credibility":2,"name":"Huione Group Shutdown and the Future of Crypto Scam Infrastructure — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/huione-group-shutdown-future-of-crypto-scam-infrastructure/"},{"credibility":1,"name":"OFAC Transnational Criminal Organizations Designations — OFAC","type":"regulatory","url":"https://ofac.treasury.gov/recent-actions/20251014"},{"credibility":2,"name":"#8 Park: Prince and Huione's role in a scam compound still operating amid crackdowns — Elliptic","type":"research","url":"https://www.elliptic.co/blog/8-park-prince-and-huiones-role-in-a-scam-compound-still-operating-amid-crackdowns"}]},{"content":"Tudou Guarantee's operational wind-down in January 2026 followed a sequence of escalating enforcement actions. On October 14, 2025, OFAC sanctioned Prince Group and 146 associated entities, including Chen Zhi, who was also indicted in the U.S. District Court for the Eastern District of New York. On October 16, 2025, FinCEN's final rule severing Huione Group from the U.S. financial system took effect. Chen Zhi was arrested by Cambodian authorities and extradited to China on January 6, 2026, in what CNN reported as a joint Cambodian-Chinese law enforcement action. Elliptic's real-time blockchain monitoring of Tudou's administrative wallets recorded a sudden and sustained drop in activity in the days following Chen Zhi's arrest. Tudou announced its closure via its Telegram channel, and blockchain analytics firm Bitrace documented the subsequent return of merchant deposits: approximately $130 million in USDT was refunded between January 1 and mid-January 2026, starting at approximately $3.7 million on January 1 and peaking at approximately $18.1 million on January 5. While public Telegram transactions ceased, Elliptic noted that other aspects of Tudou's operations, including gambling services, continued to function, indicating a partial rather than complete dissolution. In April 2026, Li Xiong, the alleged chairman of Huione Group, was also extradited from Cambodia to China to face charges including large-scale fraud, money laundering, and operation of illegal casinos. Singapore Police separately arrested three individuals between November 2025 and January 2026 on money laundering charges linked to the Prince Group network, with over S$500 million in assets subject to seizure or prohibition orders.","heading":"Shutdown and Enforcement Actions","severity":"critical","sources":[{"credibility":1,"name":"Alleged cybercrime kingpin arrested and extradited from Cambodia to China — CNN","type":"news_article","url":"https://www.cnn.com/2026/01/07/asia/chen-zhi-arrest-extradition-cambodia-china-intl-hnk"},{"credibility":2,"name":"Tudou Guarantee winds down operations after $12 billion in transactions — Elliptic","type":"research","url":"https://www.elliptic.co/blog/tudou-guarantee-winds-down-operations-after-12-billion-in-transactions"},{"credibility":2,"name":"Tudou Guarantee Shrinks as $130M USDT Refunds Unfold — Cryptonomist","type":"news_article","url":"https://en.cryptonomist.ch/2026/01/16/tudou-guarantee-usdt-refunds/"},{"credibility":2,"name":"Huione-linked tudou guarantee winds down after $130M USDT refunds, says Bitrace — MEXC News","type":"news_article","url":"https://www.mexc.co/en-IN/news/491514"},{"credibility":2,"name":"Huione Boss Li Xiong Extradited From Cambodia to China — BeInCrypto","type":"news_article","url":"https://beincrypto.com/huione-li-xiong-extradited-cambodia-china/"},{"credibility":1,"name":"Police Arrest Three Singaporeans In Money Laundering Investigation Relating To Prince Holding Group — Singapore Police Force","type":"regulatory","url":"https://www.police.gov.sg/Media-Hub/News/2026/03/20260303_police_arrest_three_singaporeans_in_money_laundering_investigation"},{"credibility":1,"name":"Cambodia Extradites Chair of Alleged Criminal Conglomerate to China — OCCRP","type":"news_article","url":"https://www.occrp.org/en/news/chairman-of-alleged-criminal-conglomerate-arrested-in-cambodia-and-extradited-to-china"}]},{"content":"Elliptic, TRM Labs, and Bitrace each conducted independent blockchain analyses of Tudou Guarantee. Elliptic's monitoring of Tudou's central administrative wallets provided the primary data confirming the wind-down, recording an abrupt decline in USDT inflows beginning January 7, 2026, the day after Chen Zhi's arrest. TRM Labs found structural similarities between Tudou's on-chain architecture and that of Huione Guarantee, with vendor wallet infrastructure showing direct continuity between the two platforms. This led TRM to characterize the relationship as an operational merger or migration rather than independent operation. Bitrace tracked the outbound refund flows, documenting over $130 million in USDT returned to merchants during the first two weeks of January 2026. All major transaction flows ran on the TRON blockchain using USDT, consistent with the broader guarantee marketplace ecosystem's preference for TRON-native USDT due to its low transaction fees and high throughput. The total lifetime transaction volume of Tudou Guarantee has been reported at $12 billion by Elliptic and approximately $14.6 billion by RUSI; the discrepancy may reflect different measurement periods or inclusion criteria, and neither figure has been disputed by regulatory bodies.","heading":"Blockchain Analytics and On-Chain Fingerprint","severity":"high","sources":[{"credibility":2,"name":"Tudou Guarantee winds down operations after $12 billion in transactions — Elliptic","type":"on_chain","url":"https://www.elliptic.co/blog/tudou-guarantee-winds-down-operations-after-12-billion-in-transactions"},{"credibility":2,"name":"How Telegrams Ban on Huione and Xinbi Has Reshaped the Guarantee Services Landscape — TRM Labs","type":"on_chain","url":"https://www.trmlabs.com/resources/blog/how-telegrams-ban-on-huione-and-xinbi-has-reshaped-the-guarantee-services-landscape"},{"credibility":2,"name":"Tudou Guarantee Shrinks as $130M USDT Refunds Unfold — Cryptonomist","type":"on_chain","url":"https://en.cryptonomist.ch/2026/01/16/tudou-guarantee-usdt-refunds/"},{"credibility":2,"name":"Multi-Billion Dollar Guarantee Marketplaces Exploit Stablecoins for Scams — RUSI","type":"research","url":"https://www.rusi.org/explore-our-research/publications/commentary/multi-billion-dollar-guarantee-marketplaces-exploit-stablecoins-scams"}]},{"content":"Tudou Guarantee operated within a documented ecosystem of Chinese-language guarantee marketplaces on Telegram. At the time of its wind-down, Elliptic was tracking over thirty such active platforms. The two largest contemporaries were Xinbi Guarantee, which processed approximately $8 to $9 billion in USDT transactions and remained active through 2026, and a set of smaller platforms including Shuangying and Fully Light, each of which saw transaction volumes surge following the sequential shutdowns of Huione and Tudou. Xinbi was incorporated in Colorado as a legal entity, a detail highlighted in Elliptic's dedicated Xinbi analysis. The shutdown of Tudou did not eliminate demand for guarantee marketplace services; analysts from Chainalysis, Elliptic, and TRM Labs each noted that the disruption resulted in fragmentation across multiple smaller platforms rather than suppression of total market volume. Recorded Future's analysis of Chinese-language guarantee marketplace evolution documented the broader structural pattern in which enforcement actions on dominant platforms reliably produce successor fragmentation. The guarantee marketplace model — in which a neutral escrow provider facilitates transactions between illicit vendors and buyers — is assessed by researchers as a critical enabling infrastructure for industrial-scale fraud in Southeast Asia.","heading":"Ecosystem Context and Successor Platforms","severity":"high","sources":[{"credibility":2,"name":"Telegram dark markets expand to fill the gap left by Huione Guarantee — Elliptic","type":"research","url":"https://www.elliptic.co/blog/telegram-dark-markets-expand-to-fill-the-gap-left-by-huione-guarantee"},{"credibility":3,"name":"Huione Guarantee Successors Process $27 Billion in Transactions — AInvest","type":"news_article","url":"https://www.ainvest.com/news/huione-guarantee-successors-process-27-billion-transactions-2506/"},{"credibility":2,"name":"Evolution of Chinese-Language Guarantee Telegram Marketplaces — Recorded Future","type":"research","url":"https://www.recordedfuture.com/research/evolution-of-the-chinese-language"},{"credibility":2,"name":"Xinbi: The $8 Billion Colorado-Incorporated Marketplace — Elliptic","type":"research","url":"https://www.elliptic.co/blog/xinbi-guarantee"},{"credibility":2,"name":"Huione Group Shutdown and the Future of Crypto Scam Infrastructure — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/huione-group-shutdown-future-of-crypto-scam-infrastructure/"}]},{"content":"While no direct criminal charges have been publicly filed specifically naming Tudou Guarantee as a corporate entity, the platform is embedded in a web of regulatory and legal actions targeting its principal operators and affiliated network. OFAC designated Huione Group and 146 Prince Group entities on October 14, 2025, under Executive Order 13581 (Transnational Criminal Organizations). The U.S. DOJ unsealed a criminal indictment against Chen Zhi in the Eastern District of New York on the same date, charging him with operating cyber-scam compounds in Cambodia using forced labor and human trafficking to conduct pig-butchering fraud. FinCEN issued a final rule under Section 311 of the USA PATRIOT Act severing Huione Group from correspondent banking relationships with U.S. financial institutions. The UK Foreign, Commonwealth and Development Office (FCDO) coordinated on the October 2025 sanctions action. Singapore's Police Force arrested three individuals between November 2025 and January 2026 on money laundering charges connected to the Prince Group network, with over S$500 million in assets frozen or seized. Huione Group chairman Li Xiong was extradited from Cambodia to China on April 1, 2026, following Chen Zhi's January 6, 2026 extradition. The DOJ also separately seized approximately 127,271 Bitcoin in a forfeiture action linked to the Prince Group network, described by authorities as the largest U.S. forfeiture action to date.","heading":"Associated Regulatory and Legal Actions","severity":"critical","sources":[{"credibility":1,"name":"U.S. and U.K. Take Largest Action Ever Targeting Cybercriminal Networks in Southeast Asia — U.S. Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0278"},{"credibility":1,"name":"OFAC Transnational Criminal Organizations Designations — OFAC","type":"regulatory","url":"https://ofac.treasury.gov/recent-actions/20251014"},{"credibility":1,"name":"FinCEN Issues Final Rule Severing Huione Group from the U.S. Financial System — FinCEN","type":"regulatory","url":"https://www.fincen.gov/news/news-releases/fincen-issues-final-rule-severing-huione-group-us-financial-system"},{"credibility":1,"name":"Cambodia Extradites Chair of Alleged Criminal Conglomerate to China — OCCRP","type":"news_article","url":"https://www.occrp.org/en/news/chairman-of-alleged-criminal-conglomerate-arrested-in-cambodia-and-extradited-to-china"},{"credibility":2,"name":"Huione Boss Li Xiong Extradited From Cambodia to China — BeInCrypto","type":"news_article","url":"https://beincrypto.com/huione-li-xiong-extradited-cambodia-china/"},{"credibility":1,"name":"Police Arrest Three Singaporeans In Money Laundering Investigation — Singapore Police Force","type":"regulatory","url":"https://www.police.gov.sg/Media-Hub/News/2026/03/20260303_police_arrest_three_singaporeans_in_money_laundering_investigation"},{"credibility":2,"name":"DOJ and Treasury Enforcement Actions Targeting Southeast Asian Scam Networks — Paul Weiss","type":"other","url":"https://www.paulweiss.com/insights/client-memos/doj-and-treasury-undertake-significant-enforcement-actions-targeting-southeast-asian-scam-networks-underscoring-cyber-enabled-fraud-as-an-enforcement-priority"}]}],"sources_used":[{"credibility":2,"name":"Tudou Guarantee winds down operations after $12 billion in transactions — Elliptic","type":"research","url":"https://www.elliptic.co/blog/tudou-guarantee-winds-down-operations-after-12-billion-in-transactions"},{"credibility":2,"name":"Tudou Guarantee Marketplace Halts Telegram Transactions After Processing Over $12 Billion — The Hacker News","type":"news_article","url":"https://thehackernews.com/2026/01/tudou-guarantee-marketplace-halts.html"},{"credibility":2,"name":"Telegram dark markets expand to fill the gap left by Huione Guarantee — Elliptic","type":"research","url":"https://www.elliptic.co/blog/telegram-dark-markets-expand-to-fill-the-gap-left-by-huione-guarantee"},{"credibility":2,"name":"Scam Marketplace Tudou Guarantee Shutters Telegram Ops — Infosecurity Magazine","type":"news_article","url":"https://www.infosecurity-magazine.com/news/scam-market-tudou-guarantee-shut/"},{"credibility":2,"name":"Telegram-based illicit billionaire marketplace Tudou Guarantee stopped transactions — Security Affairs","type":"news_article","url":"https://securityaffairs.com/187102/cyber-crime/telegram-based-illicit-billionaire-marketplace-tudou-guarantee-stopped-transactions.html"},{"credibility":2,"name":"$12 billion crypto scam market Tudou shuts down — American Banker","type":"news_article","url":"https://www.americanbanker.com/news/12-billion-crypto-scam-market-tudou-shuts-down"},{"credibility":2,"name":"Tudou Guarantee Shrinks as $130M USDT Refunds Unfold — Cryptonomist","type":"news_article","url":"https://en.cryptonomist.ch/2026/01/16/tudou-guarantee-usdt-refunds/"},{"credibility":2,"name":"Huione-linked tudou guarantee winds down after $130M USDT refunds, says Bitrace — MEXC News","type":"news_article","url":"https://www.mexc.co/en-IN/news/491514"},{"credibility":2,"name":"How Telegrams Ban on Huione and Xinbi Has Reshaped the Guarantee Services Landscape — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/how-telegrams-ban-on-huione-and-xinbi-has-reshaped-the-guarantee-services-landscape"},{"credibility":2,"name":"Huione Group Shutdown and the Future of Crypto Scam Infrastructure — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/huione-group-shutdown-future-of-crypto-scam-infrastructure/"},{"credibility":1,"name":"U.S. and U.K. Take Largest Action Ever Targeting Cybercriminal Networks in Southeast Asia — U.S. Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0278"},{"credibility":1,"name":"OFAC Transnational Criminal Organizations Designations — OFAC","type":"regulatory","url":"https://ofac.treasury.gov/recent-actions/20251014"},{"credibility":1,"name":"FinCEN Issues Final Rule Severing Huione Group from the U.S. Financial System — FinCEN","type":"regulatory","url":"https://www.fincen.gov/news/news-releases/fincen-issues-final-rule-severing-huione-group-us-financial-system"},{"credibility":1,"name":"FinCEN Finds Cambodia-Based Huione Group to be of Primary Money Laundering Concern — FinCEN","type":"regulatory","url":"https://www.fincen.gov/news/news-releases/fincen-finds-cambodia-based-huione-group-be-primary-money-laundering-concern"},{"credibility":1,"name":"Alleged cybercrime kingpin arrested and extradited from Cambodia to China — CNN","type":"news_article","url":"https://www.cnn.com/2026/01/07/asia/chen-zhi-arrest-extradition-cambodia-china-intl-hnk"},{"credibility":1,"name":"Cambodia Extradites Chair of Alleged Criminal Conglomerate to China — OCCRP","type":"news_article","url":"https://www.occrp.org/en/news/chairman-of-alleged-criminal-conglomerate-arrested-in-cambodia-and-extradited-to-china"},{"credibility":1,"name":"Police Arrest Three Singaporeans In Money Laundering Investigation Relating To Transnational Scam Syndicate Prince Holding Group — Singapore Police Force","type":"regulatory","url":"https://www.police.gov.sg/Media-Hub/News/2026/03/20260303_police_arrest_three_singaporeans_in_money_laundering_investigation"},{"credibility":2,"name":"Huione Boss Li Xiong Extradited From Cambodia to China — BeInCrypto","type":"news_article","url":"https://beincrypto.com/huione-li-xiong-extradited-cambodia-china/"},{"credibility":2,"name":"#8 Park: Prince and Huiones role in a scam compound still operating amid crackdowns — Elliptic","type":"research","url":"https://www.elliptic.co/blog/8-park-prince-and-huiones-role-in-a-scam-compound-still-operating-amid-crackdowns"},{"credibility":2,"name":"Multi-Billion Dollar Guarantee Marketplaces Exploit Stablecoins for Scams — RUSI","type":"research","url":"https://www.rusi.org/explore-our-research/publications/commentary/multi-billion-dollar-guarantee-marketplaces-exploit-stablecoins-scams"},{"credibility":2,"name":"Evolution of Chinese-Language Guarantee Telegram Marketplaces — Recorded Future","type":"research","url":"https://www.recordedfuture.com/research/evolution-of-the-chinese-language"},{"credibility":2,"name":"Prince Group targeted with $15B crypto seizure and sanctions — Elliptic","type":"research","url":"https://www.elliptic.co/blog/prince-group-targeted-with-crypto-sanctions-for-global-pig-butchering-operations"},{"credibility":2,"name":"DOJ and Treasury Enforcement Actions Targeting Southeast Asian Scam Networks — Paul Weiss","type":"other","url":"https://www.paulweiss.com/insights/client-memos/doj-and-treasury-undertake-significant-enforcement-actions-targeting-southeast-asian-scam-networks-underscoring-cyber-enabled-fraud-as-an-enforcement-priority"},{"credibility":2,"name":"Unravelling Prince Groups criminal networks — East Asia Forum","type":"news_article","url":"https://eastasiaforum.org/2025/11/29/unravelling-prince-groups-criminal-networks-2/"},{"credibility":2,"name":"Will Chen Zhis arrest and extradition be a wake-up call for scam bosses in the Mekong — Global Initiative","type":"research","url":"https://globalinitiative.net/analysis/will-chen-zhis-arrest-and-extradition-be-a-wake-up-call-for-scam-bosses-in-the-mekong/"}],"summary":"Tudou Guarantee was a Chinese-language, Telegram-based illicit marketplace that processed over $12 billion in USDT transactions, making it the third-largest such marketplace in recorded history. Operated as an escrow and guarantee service for vendors selling stolen data, money laundering services, scam infrastructure, and AI deepfake tools to pig-butchering and other fraud operators, it emerged as the primary successor to Huione Guarantee following that platform's May 2025 shutdown. Tudou ceased public Telegram transactions in January 2026 following the arrest and extradition of Prince Group chairman Chen Zhi to China.","timeline":[{"date":"2023-01-01","event":"Tudou Guarantee launches on Telegram as a Chinese-language illicit guarantee marketplace. Exact launch date is not publicly documented; 2023 is the reported year of inception.","source":"Infosecurity Magazine","source_url":"https://www.infosecurity-magazine.com/news/scam-market-tudou-guarantee-shut/"},{"date":"2024-12-01","event":"Huione Guarantee acquires a 30% stake in Tudou Guarantee, positioning Tudou as an operational successor should Huione face enforcement action.","source":"Elliptic","source_url":"https://www.elliptic.co/blog/telegram-dark-markets-expand-to-fill-the-gap-left-by-huione-guarantee"},{"date":"2025-05-01","event":"FinCEN finds Huione Group to be a foreign financial institution of primary money laundering concern and proposes a special measure under Section 311 of the USA PATRIOT Act.","source":"FinCEN","source_url":"https://www.fincen.gov/news/news-releases/fincen-finds-cambodia-based-huione-group-be-primary-money-laundering-concern"},{"date":"2025-05-11","event":"Telegram shuts down Huione Guarantee's public channels. Huione formally directs its merchant network to migrate to Tudou Guarantee. Tudou experiences a 70-fold increase in daily USDT inflows.","source":"TRM Labs","source_url":"https://www.trmlabs.com/resources/blog/how-telegrams-ban-on-huione-and-xinbi-has-reshaped-the-guarantee-services-landscape"},{"date":"2025-07-01","event":"Tudou Guarantee's user base more than doubles following Huione merchant migration. Cryptocurrency inflows reach approximately equal levels to those Huione received prior to its shutdown.","source":"Elliptic","source_url":"https://www.elliptic.co/blog/telegram-dark-markets-expand-to-fill-the-gap-left-by-huione-guarantee"},{"date":"2025-10-14","event":"OFAC and UK FCDO designate Prince Group as a Transnational Criminal Organization, sanctioning 146 associated entities and individuals including Chen Zhi. DOJ simultaneously unseals criminal indictment against Chen Zhi in the Eastern District of New York.","source":"U.S. Treasury","source_url":"https://home.treasury.gov/news/press-releases/sb0278"},{"date":"2025-10-16","event":"FinCEN issues final rule severing Huione Group from the U.S. financial system, prohibiting correspondent banking relationships.","source":"FinCEN","source_url":"https://www.fincen.gov/news/news-releases/fincen-issues-final-rule-severing-huione-group-us-financial-system"},{"date":"2025-11-20","event":"Singapore Police arrest Tan Yew Kiat (49) on money laundering charges linked to the Prince Holding Group network. Assets including vehicles are subject to prohibition of disposal orders.","source":"Singapore Police Force","source_url":"https://www.police.gov.sg/Media-Hub/News/2026/03/20260303_police_arrest_three_singaporeans_in_money_laundering_investigation"},{"date":"2025-12-11","event":"Singapore Police arrest Nigel Tang Wan Bao Nabil (32) on money laundering charges linked to Prince Holding Group upon his return from Cambodia.","source":"Singapore Police Force","source_url":"https://www.police.gov.sg/Media-Hub/News/2026/03/20260303_police_arrest_three_singaporeans_in_money_laundering_investigation"},{"date":"2026-01-01","event":"Tudou Guarantee begins returning merchant deposits. Bitrace records approximately $3.7 million in USDT refunds on this date, marking the start of the coordinated wind-down.","source":"Cryptonomist / Bitrace","source_url":"https://en.cryptonomist.ch/2026/01/16/tudou-guarantee-usdt-refunds/"},{"date":"2026-01-05","event":"Tudou Guarantee USDT refund outflows peak at approximately $18.1 million in a single day, according to Bitrace on-chain data.","source":"MEXC News / Bitrace","source_url":"https://www.mexc.co/en-IN/news/491514"},{"date":"2026-01-06","event":"Chen Zhi, chairman of Prince Group, is arrested by Cambodian authorities and extradited to China. Cambodian citizenship was revoked prior to arrest.","source":"CNN","source_url":"https://www.cnn.com/2026/01/07/asia/chen-zhi-arrest-extradition-cambodia-china-intl-hnk"},{"date":"2026-01-07","event":"Elliptic's real-time blockchain monitoring records a sudden drop in activity across Tudou Guarantee's administrative wallets, consistent with operational cessation.","source":"Elliptic","source_url":"https://www.elliptic.co/blog/tudou-guarantee-winds-down-operations-after-12-billion-in-transactions"},{"date":"2026-01-12","event":"Singapore Police arrest Yeo Sin Huat Alan (53) on money laundering charges linked to Prince Holding Group upon his return from Cambodia.","source":"Singapore Police Force","source_url":"https://www.police.gov.sg/Media-Hub/News/2026/03/20260303_police_arrest_three_singaporeans_in_money_laundering_investigation"},{"date":"2026-01-16","event":"Total USDT refunded to Tudou Guarantee merchants exceeds $130 million, per Bitrace analysis. Closure announcement confirmed through Telegram channel screenshots.","source":"Cryptonomist / Bitrace","source_url":"https://en.cryptonomist.ch/2026/01/16/tudou-guarantee-usdt-refunds/"},{"date":"2026-04-01","event":"Li Xiong, alleged chairman of Huione Group and key operational figure linked to Tudou Guarantee's parent network, is extradited from Cambodia to China.","source":"BeInCrypto / OCCRP","source_url":"https://beincrypto.com/huione-li-xiong-extradited-cambodia-china/"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 871e2572-5dbb-4549-bb27-7977c52ade1ccopy