- Telegram marketplace Tudou Guarantee, which processed over $12 billion in fraudulent transactions, has ceased operations after the arrest of its chairman.
- The company was the third-largest illicit marketplace globally.
Why It Matters for Texas Credit Unions
Relevant as it highlights potential fraud risks and underscores the need for robust compliance measures, which are particularly important given Texas CUs' operations.
Original Source Material
Telegram-Based Marketplace Closes After Prince Group Founder's Arrest Telegram marketplace Tudou Guarantee, which processed over $12 billion in fraud transactions, has ceased operations following the arrest of Prince Group chairman Chen Zhi, who was extradited to China in January. Elliptic said it was the third-largest illicit marketplace of all time.