Dark Market Activity Persists Despite Crackdown on Cambodian Platform

According to PANews, a report by Elliptic reveals that despite the shutdown of Cambodia's Huione Guarantee platform on May 13 due to a $27 billion scam, dark market transactions on Telegram have not decreased. Data indicates that merchants quickly migrated to Tudou Guarantee, a competitor platform in which Huione held a 30% stake. The USDT inflow to Tudou Guarantee has returned to levels seen before Huione's closure. On-chain data shows that following the enforcement of the ban, Huione's USDT inflow dropped to nearly zero, while Tudou Guarantee's user base more than doubled, with inflow volumes matching those prior to Huione's shutdown.