Crypto Scam Hub Shuts Down After $130M USDT Refunds Shake Telegram Markets Hard

• $130m USDT refunds trigger sudden collapse of major Telegram crypto scam hub
• Telegram fraud markets face liquidity shock after escrow platform halts operations
• Blockchain analysts flag increased disruption across organized crypto scam networks

A Telegram-based crypto escrow service tied to underground marketplaces is shutting down after massive stablecoin refunds, a move that has rattled Telegram markets linked to organized crypto scams and signals a structural shift in how large fraud networks move funds. Tudou Guarantee, an escrow service linked to the Huione Group, returned over $130m in USDT to merchants, with Bitrace data showing refunds began at $3.7m before accelerating rapidly and later peaking around $18.1m in what appears to be coordinated repayment activity.

Screenshots circulating on Telegram show a message announcing the halt of operations, indicating merchants would no longer receive escrow support and appearing shortly after unusually large outbound stablecoin transactions emerged onchain. Tudou Guarantee functioned as a core escrow layer within the Huione Group ecosystem, which manages payment services, a crypto exchange, and merchant settlement products, while serving for years as trusted infrastructure for hundreds of anonymous vendors.

Many of those vendors promoted scam services packaged for easy deployment, including phishing campaigns and pig butchering schemes targeting global crypto users, embedding the platform deeply within Telegram-based fraud markets.

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Telegram Scam Markets Face Liquidity Shock

The refund wave has created immediate liquidity stress across scam-linked Telegram channels, as escrow services underpin trust between anonymous counterparties, and without that layer, transaction volume may drop sharply. Analysts note that sudden refunds often signal risk mitigation rather than goodwill, since large-scale withdrawals can reduce exposure ahead of enforcement or reputational fallout, a pattern seen before other illicit marketplaces disappeared.

The disruption may slow scam activity that depends on turnkey vendor infrastructure, because many operators lack the technical capacity to replace escrow systems quickly, forcing smaller groups to pause operations or exit entirely.

Enforcement Pressure Builds Across Crypto Fraud Networks

Blockchain security firms had already flagged Tudou Guarantee as a major risk node, with Elliptic linking thousands of wallets to the platform that received about $89bn in fraud-related crypto. Elliptic also estimated Tudou Guarantee processed at least $24bn in transactions as it shifted toward proprietary crypto infrastructure, including a blockchain, exchange, and internal messaging tools.

The group later introduced a US dollar-based stablecoin to support internal settlements, a move that improved efficiency but increased transparency, making fund flows easier to trace across connected wallets. Crypto fraud continues to generate heavy industry-wide losses, as CertiK reported $722m lost to phishing across 248 incidents in 2025, while romance scams remain widespread through emotional manipulation.

The collapse of Tudou Guarantee marks a rare disruption at scale, with analysts expecting scam operators to seek alternatives as blockchain surveillance shortens the lifespan of large illicit escrow platforms.

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