$12 billion crypto scam market Tudou shuts down
- Key insight: Tudou Guarantee ceased operations in January following the arrest and extradition of alleged scam tycoon Chen Zhi.
- What’s at stake: Tudou’s collapse disrupts critical infrastructure for “pig butchering” scams that rely on U.S. banks to launder funds.
- Expert quote: U.S. Attorney Jeanine Ferris Pirro described the scams as a “generational wealth transfer” from Main Street to organized crime.
Overview bullets generated by AI with editorial review
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Tudou Guarantee, an illicit marketplace and escrow service that facilitated over $12 billion in transactions largely from proceeds of scams and frauds, has effectively ceased operations following the arrest this month of an alleged scam tycoon linked to the…
