After Telegram's crackdown on the notorious Huione Guarantee in May 2025, illicit cryptocurrency markets quickly adapted, with new platforms like Tudou Guarantee, Shuangying, and Fully Light emerging and significantly increasing their transaction volumes. By mid-June, Tudou Guarantee recorded over 300,000 transactions, capturing much of the activity previously seen on Huione Guarantee, which saw its transactions collapse to near zero post-ban. Elliptic's report highlights the growth of these platforms, emphasizing that the criminal landscape remains resilient, with at least thirty new markets thriving in the aftermath. These marketplaces facilitate trades involving stolen data and services aimed at scam operations, often using USDT as the medium. This rapid reformation of dark web marketplaces suggests that current efforts to combat cyber scams are insufficient, and ongoing measures are necessary to dismantle these networks effectively.

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