The closure of the major crypto darknet market Huione Guarantee has led its users to flock to at least 30 successor platforms, with one market doubling its user base since May.
After Huione Guarantee announced its closure in May, thousands of related accounts and channels were banned on Telegram.
A report released by Elliptic on Monday noted that following the shutdown event, several Telegram market platforms saw an increase in user numbers, but Potato Guarantee emerged as the "biggest winner," successfully absorbing most of Huione Guarantee's previous trading volume.
"The number of users on Potato Guarantee has more than doubled—current cryptocurrency inflows are roughly equivalent to the levels before Huione Guarantee's closure," Elliptic stated.
As users migrated, merchants who previously operated on Huione have also turned to the Potato platform, offering stolen data, money laundering services, illegal goods, and other products that help scammers capture victims.
In addition to Potato, Elliptic reported that it is tracking over 30 other Telegram-based darknet markets, all of which have seen significant increases in user numbers and trading volume following Huione's closure.
Elliptic pointed out, "The closure of Huione Guarantee created opportunities for numerous competitors to fill the market void."
According to Elliptic's data, Huione is also a major shareholder of Potato, having acquired 30% of the latter's shares last December.
Analysts from blockchain analysis firm Chainalysis previously reported that since the so-called "shutdown," activities related to Huione have not only not decreased but have actually increased.
However, Elliptic stated that this may be due to confusion between Huione and other businesses in the group, particularly Huione Payment—a large payment business with physical stores in Cambodia that also accepts cryptocurrency as a payment option and assists in laundering proceeds from online scams.
Elliptic emphasized that while Huione Guarantee briefly offered custodial services for private transactions after its closure, by the end of May, the related Tether (USDT) trading volume had "dropped to negligible levels."
Elliptic explained, "By analyzing blockchain transactions more finely, it is evident that while Huione Payment continues to process a large number of transactions, the transactions of Huione Guarantee have actually completely stopped."
The Cambodian group Huione Group operates a range of businesses, including the payment service platform Huione Payment Co., Ltd., the cryptocurrency exchange Huione Crypto, and Huione Guarantee.
According to blockchain analysis firm Elliptic, the crackdown on Huione Guarantee sent a shockwave through "the entire guarantee market ecosystem"; however, this action merely provided other platforms with the opportunity to fill the power vacuum and expand their operations.
"To effectively curb these key drivers of global scams, a broader and more sustained effort to clear such markets on the Telegram platform is needed," Elliptic emphasized.
Related: Bitcoin ASIC manufacturer Canaan has launched pilot production in the U.S. and exited the AI business.
Original article: “Elliptic: Over 30 Alternative Platforms Emerged After Huione Market Shutdown”
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