Author: Bitrace
The main profit model of illegal cryptocurrency transaction guarantee platforms in Southeast Asia is to rent out specific Telegram groups to practitioners of the gray and black industries, providing transaction guarantees for these practitioners through a complex process of deposit, reporting, settlement, and arbitration, and collecting commissions. These leased groups are called Public Groups, and the lessees are called Guarantee Merchants.
This cooperative model means that merely cracking down on the guarantee platform itself will not pose a threat to the group of guarantee merchants actually engaged in gray and black industry activities. This article aims to illustrate this criminal landscape by disclosing the changes in the Huione/Tudou Guarantee direct-operated online gambling platform.
Introduction to Huione Guarantee Direct-Operated Online Gambling Public Group
Huione Guarantee (later renamed Haowang Guarantee, Tudou Guarantee) is a fund guarantee and payment intermediary platform active in the gray transaction field, mainly serving illegal industries such as gambling, telecom fraud, and money laundering. As a gray fund transfer and payment intermediary platform, it gradually faced sustained crackdowns from regulators and financial institutions in its later operational stages, leading to large-scale cleanups and blockages of related receiving accounts and fund channels. As channels tightened, the platform's liquidity rapidly deteriorated, causing issues like delayed withdrawals, which further triggered a concentrated user run, eventually leading to a capital chain rupture and the platform's forced shutdown.
Before this institution collapsed, its Telegram-based online gambling portal "Feibo@Feibo" had publicly cooperated with several well-known online gambling platforms to operate online gambling public groups. Among them, a platform named "Wangbo@Wangbo" had the closest cooperation with Huione Guarantee. Huione Guarantee not only set up a traffic-generating public group for Wangbo but also helped it establish a USDT settlement tool on the Tron network, "WangboWallet", based on Huionepay's SaaS.
This new type of online gambling business model, combining Telegram, illegal cryptocurrency transaction guarantee platforms, cryptocurrency payment tools, and online gambling platforms, has become widespread in the current gray and black market. Any intelligence worker can find this business on various guarantee platforms.
Wangbo Switched Jobs After Tudou Guarantee Collapsed
In January 2026, following the news that Chen Zhi, one of the masterminds behind the Prince Group, was extradited back to China, Tudou Guarantee faced a run from a large number of public group merchants. After several consecutive days of massive deposit refunds, it announced the shutdown of all public group businesses and publicly declared the sale of all its Telegram groups.
Its online gambling portal's TNS was prominently listed, with a large number of public groups related to online gambling being auctioned publicly. The NFTs sold by Tudou Guarantee in the image refer to the collectible username NFTs launched by Telegram on the TON blockchain. Each NFT corresponds to a unique Telegram @username (e.g., @danbao, @tudou), which can be directly used as a username for accounts, groups, or channels.
Reviewing the on-chain records of @Feibo, the last change of ownership was in May 2025 when Haowang Guarantee was legally sanctioned and forced to rename to Tudou Guarantee, with the NFT only being transferred directly internally. However, the change of ownership in February 2026 was through a sale, indicating the determination of the entity's mastermind to completely exit 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 being extensively used in its subsidiaries Tiancheng Guarantee and OKPAY businesses.
Furthermore, the online gambling public groups previously operating under Tudou Guarantee have also migrated en masse to Tiancheng Guarantee and the so-called OKGAME, with Wangbo Entertainment having already integrated Okpay as one of its settlement channels.
Analysis of Wangbo Entertainment's Business Scale
Using the Huionepay redemption difficulty incident in November 2025 and Wangbo's integration of OKPAY in February 2026 as key time points, we conducted statistics on the USDT transaction activity of Wangbo's official settlement address over the past 15 months.
The statistical results show—
In November 2025, its total USDT received experienced a cliff-like drop. This was due to user attrition caused by strict law enforcement crackdowns that month and the temporary shutdown of WangboWallet following the closure of Huionepay. In the subsequent two months, as users returned, WangboWallet's business volume gradually recovered.
In February 2026, Wangbo Entertainment added OKPAY as a settlement tool. That month, USDT inflows sharply decreased, indicating that a large number of users switched to centralized transfer services without transaction fees.
Clearly, even after the shutdown of Tudou Guarantee, Wangbo Entertainment, as a key online gambling type public group for that entity, was not significantly affected. Instead, it continued its business operations by switching guarantee platforms.
Conclusion
Guarantee Platform Shutdown ≠ Termination of Public Group Business
The cases of Tudou Guarantee and Wangbo Entertainment demonstrate that the business of illegal transaction guarantee platforms is highly modular. The coupling methods of guarantee services, public groups, and payment tools are sufficiently flexible, and cracking down on only a portion of these entities is insufficient to destroy the entire illegal business system.
Platform Disintegration and Business Transfer Coexist
Whether it was the renaming of Huione Guarantee in June 2025 or the complete destruction of Tudou Guarantee in January 2026, the illegal industry has not truly disappeared. Instead, it quickly changes its name and continues operations, reflecting that the gray and black industry ecosystem tends towards structural reorganization under regulatory pressure, rather than complete withdrawal.
Law Enforcement Should Target Entities Actually Executing Criminal Activities
Vigorous criminal activity is the nutrient for the growth of transaction guarantee platforms. Merely cracking down on the guarantee platforms will not pose a threat to the group of guarantee merchants. Law enforcement agencies should focus more on the entities that actually carry out criminal activities.
