Author: Bitrace

The main profit model of illegal cryptocurrency trading guarantee platforms in Southeast Asia is renting specific Telegram groups to black and gray industry practitioners, providing transaction guarantees through complex bonding, reporting, settlement, and arbitration processes, and charging commissions. These rented groups are referred to as public groups (Public Groups), and the renters are called guarantee merchants (Guarantee Merchants).

This cooperation model means that merely cracking down on guarantee platforms will not pose a threat to the guarantee merchant group that actually engages in black and gray activities. This article aims to illustrate this criminal situation by disclosing the evolution of the Huiwang/Tudou guarantee direct gambling platform.

Introduction to Huiwang Guarantee Direct Gambling Public Group

Huiwang Guarantee (Huione Guarantee, later renamed Haowang Guarantee, Tudou Guarantee) is a funding guarantee and payment intermediary platform active in the gray trading field, mainly serving illegal industries such as gambling, telecommunication fraud, and money laundering. As a gray funding circulation and payment intermediary platform, it gradually faced continuous crackdowns from regulators and financial institutions in its later operational phase, leading to a large-scale clearing and blocking of related collection accounts and funding channels. As channels tightened, the platform's liquidity quickly deteriorated, causing issues such as delayed withdrawals, which further triggered a concentrated run by users, ultimately leading to a break in the funding chain and forcing the platform to shut down.

Before the agency's closure, its Telegram-based gambling portal "Feibo@Feibo" publicly collaborated with several well-known online gambling platforms to operate gambling public groups, with the gambling platform named "Wangbo@Wangbo" being the closest partner. Huiwang Guarantee not only opened traffic public groups for Wangbo but also helped the latter establish a USDT settlement tool called "Wangbo Wallet" (WangboWallet) on the Tron network based on Huiwang Pay (Huionepay) SaaS.

This new gambling business model that combines Telegram, illegal cryptocurrency trading guarantee platforms, cryptocurrency payment tools, and gambling platforms has become widespread in today's black and gray market, and any intelligence worker can find this business in various guarantee platforms.

Wangbo Jumping Jobs After Tudou Guarantee's Closure

In January 2026, with news of the extradition of Chen Zhi, one of the masterminds behind the Prince Group, Tudou Guarantee faced a run from numerous public group merchants, announcing the shutdown of all public group operations after several consecutive days of large-scale refund requests and publicly announcing the sale of all its Telegram groups.

Its gambling portal's TNS was prominently listed, with many public groups related to online gambling openly auctioned. The NFTs sold by Tudou Guarantee in the image refer to collectible username NFTs launched by Telegram on the TON blockchain, with each NFT corresponding to a unique Telegram @username (e.g., @danbao, @tudou, etc.), which can directly be used as usernames for accounts, groups, or channels.

Looking back at the on-chain records of @Feibo, the last change of ownership occurred in May 2025 when Haowang Guarantee was legally sanctioned and forced to rename itself to Tudou Guarantee, with NFTs only internally transferred. The change of ownership in February 2026 was through a sale, indicating the determination of the entity's mastermind to completely withdraw from this market.

Based on OSINT and Ton blockchain analysis, Bitrace is confident that @Feibo and related TNS and Telegram groups have been acquired by the current sixth-ranked Dali Guarantee and are extensively used in Dali Guarantee's Tiancheng Guarantee and OKPAY businesses.

Furthermore, the gambling public groups that were previously operated under Tudou Guarantee have also been bulk migrated to Tiancheng Guarantee and the so-called OKGAME, with Wangbo Entertainment already integrating Okpay as one of its settlement channels.

Wangbo Entertainment Business Scale Analysis

Taking the Huionepay payout difficulties in November 2025 and Wangbo's integration with OKPAY in February 2026 as key time nodes, we analyze the USDT trading activities of Wangbo's official settlement address over the past 15 months.

The statistics show——

In November 2025, the total amount of USDT received saw a dramatic decline. This was due to strict law enforcement actions that caused user losses that month, along with Huionepay's shutdown leading to a temporary suspension of Wangbo Wallet. Over the next two months, as users returned, the business volume of Wangbo Wallet gradually increased.

In February 2026, Wangbo Entertainment joined OKPAY as a settlement tool, with USDT inflows sharply decreasing that month, indicating that many users switched to using centralized transfer services that incur no fees.

Clearly, even after Tudou Guarantee's shutdown, Wangbo Entertainment, as an important public group for this entity's gambling types, was not significantly affected; instead, it continued its business survival through the change of guarantee platforms.

Conclusion

Guarantee Platform Shutdown ≠ Public Group Business Termination

The cases of Tudou Guarantee and Wangbo Entertainment indicate that the business of illegal transaction guarantee platforms is highly modular, and the coupling of guarantee services, public groups, and payment tools is flexible enough that actions against one part of the entities are insufficient to destroy the entire illegal business system.

Platform Dissolution and Business Continuation Coexist

Whether it is the renaming of Huiwang Guarantee in June 2025 or the complete destruction of Tudou Guarantee in January 2026, the illegal industry has not truly disappeared; instead, it has quickly changed its name to continue operations, reflecting a tendency towards structural reorganization under regulatory pressure rather than a complete withdrawal.

Law Enforcement Should Target Entities Actually Committing Criminal Activities

Vibrant criminal activities are the nutrients for the growth of transaction guarantee platforms. Merely targeting guarantee platforms will not pose a threat to the guarantee merchant group; law enforcement should focus more on the entities that actually execute criminal activities.

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