Online gambling networks linked to Huionepay and TudouGuarantee moved $414 million in USDT during the 53 days following the formal shutdown of both platforms, according to on-chain data analyzed by Bitrace. The activity continued despite financial sanctions, compliance warnings, and the arrest of key operators.
The funds originated from gambling platforms that kept settlement services running through private channels, third-party crypto providers, and Telegram mini apps. Although Tudou’s public guarantee marketplace stopped processing transactions, Elliptic identified ongoing flows through associated wallets and closed-loop networks.
During that period, nearly $9 million in USDT flowed into centralized exchanges. OKX received $3.6 million across 2,493 transactions; Binance took in $2.7 million through 1,764 transfers; HTX recorded $2.5 million in 1,563 transactions. Gate.io received $153,000, while other exchanges absorbed smaller amounts.
Tudou processed more than $12 billion in cumulative volume and ranks as the third-largest illicit online marketplace on record. Huione, which presented itself as a financial institution based in Cambodia, operated a laundering and settlement network that has handled more than $26 billion since 2021.
In October, the United States and the United Kingdom sanctioned Prince Group and its chairman, Chen Zhi. In January, authorities in Cambodia and China carried out his arrest. Following that event, Elliptic detected a sharp drop in activity across Tudou’s central administrative wallets.
Source: https://x.com/Bitrace_team/status/2014292291784208435
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