Elliptic: Huione banned, Telegram dark web trading merchants turn to Tudou Guarantee

According to Cryptoslate, Elliptic has released a report stating that despite the closure of Cambodia's Huione Guarantee platform on May 13th due to a $27 billion pig trading fraud, dark market transactions on Telegram have not decreased. Data shows that merchants quickly transferred to Tudou Guarantee, a competitor platform in which Huione holds 30% of the shares, and the USDT inflow on the platform has recovered to the level before Huione's shutdown. On chain data shows that after the ban was implemented, Huione's USDT inflows dropped to nearly zero, while the number of Tudou Guarantee users more than doubled, with inflows comparable to those before Huione's closure.