Tudou Guarantee, an illicit crypto escrow service linked to Cambodia’s Huione Group, has shut down operations after refunding over $130 million in Tether USDt to merchants. The closure peaked with $18.1 million in refunds on a recent Sunday, according to blockchain analytics screenshots shared by Bitrace.
The service announced its shutdown via Telegram in early 2025.
The closure disrupts networks that facilitated crypto-related scams across the sector. Tudou Guarantee had built a reputation as a hub for phishing schemes and “pig butchering” fraud, where scammers build fake romantic relationships to trick victims into fraudulent crypto investments.
Blockchain security firm Elliptic revealed the massive scale of Tudou’s illicit operations after identifying thousands of wallets associated with the service.
Those wallets processed $89 billion in crypto transactions tied to fraudulent activities, according to Elliptic’s findings. The service had become critical infrastructure for fraudsters, enabling scams across the crypto sector.
Tudou Guarantee operated under the umbrella of the Huione Group, which runs other financial services in Cambodia including Huione Pay and Huione Crypto.
The escrow service was rebranded in 2024 after investigators exposed it as a major marketplace for fraudsters. It reportedly continued facilitating illicit transactions until now.
The shutdown could offer relief to crypto investors who have lost significant sums to scams that relied on Tudou’s services. By disrupting the infrastructure that enabled these fraudulent networks, the closure may reduce instances of phishing and scam-related losses in the near term.
However, the massive scale of operations—$89 billion in fraudulent crypto transactions flowing through associated wallets—underscores the persistent challenge facing the crypto industry.
While the closure represents progress in addressing crypto fraud and may signal increased scrutiny of illicit services, the substantial sums involved highlight how deeply embedded these operations had become.
