Overview
- Blockchain analysts say Tudou’s public-group activity has effectively stopped after processing more than $12 billion, ranking it as the third-largest illicit marketplace to date.
- Elliptic observed a sharp drop in Tudou’s central wallet activity following the January 6 arrest and extradition of Prince Group chairman Chen Zhi.
- Parts of the operation, including gambling services, continue to function, leaving unclear whether this is a full shutdown or a tactical shift.
- Tudou expanded rapidly after Telegram closed Huione in May 2025, with Huione having acquired a 30% stake in Tudou in 2024 to position it as a successor.
- Investigators expect displaced activity to move to other guarantee markets, with blockchain transparency aiding tracing, as U.S. authorities report $401 million seized via the Scam Center Strike Force.