Successor – Earlybirds Invest

Vendors Shift to Tudou

According to blockchain intelligence firm Elliptic’s latest report, Huione Guarantee’s activity has come to a halt, but its exit has triggered a migration. Vendors are being steered toward Tudou Guarantee, which has absorbed a large share of Huione’s transactions.

Before its abrupt shutdown, Huione Guarantee was operated by the Cambodia-based Huione Group. It was originally launched in 2021 with the intention of facilitating legitimate transactions involving assets like cars and real estate. Over time, however, the platform’s listings shifted focus. Leading up to its closure, much of Huione Guarantee’s activity seems geared toward supporting cyber scam operations,

The authorities finally dismantled Huione Guarantee on May 13, 2025. This Telegram-based platform processed over $27 billion in transactions, mostly involving tools and services for large-scale online scams like pig butchering. Its downfall followed a detailed investigation by Elliptic, which led Telegram to delete thousands of related channels and ban associated user accounts.

Still, Huione Guarantee represented just one node within a sprawling network of Chinese-language guarantee marketplaces. These platforms, thriving on Telegram, allow the exchange of illicit goods such as stolen data, fraudulent tech tools, and money laundering services, which are all vital to scam operations.

Huione’s USDT Activity Nears Zero

Transactions are conducted entirely in Tether’s USDT stablecoin, which ensures the ease of movement and pseudo-anonymity. In fact, Tether froze a Huione-linked wallet in July 2024 due to suspected ties to the North Korean hacking entity, Lazarus Group. After Telegram removed Huione’s public channels and usernames, the platform formally shut down, advising vendors to migrate to Tudou Guarantee.

Initially, Huione claimed it would continue facilitating private escrow services, but by late May, it announced a full cessation of operations. Elliptic said that its blockchain data confirmed this exit, as incoming USDT flows to Huione’s wallets plummeted to “negligible levels.”

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In a statement on X, DeGods co-founder Frank DeGods – real name Rohun Vora – has announced that he is stepping down as CEO, with pseudonymous co-founder @0x_chill and @pastagotsauce taking over the role.

Frank remarked that he’s “excited to hand the reigns to the team”, noting that “my chapter is closing, but the story isn’t over”. In a reflective moment, he would go on to state that “maybe we’ll look back at this fixation on “frank degods” as the thing that was holding us back”.

The former CEO also clarified that he is not “on the run”, and that “there are no investigations, because I have never done anything illegal”.

Key Insights

Frank DeGods has stepped down as CEO of DeGods
A controversial figure, Frank has led the project since its creation in March 2021
He has clarified that he is not “on the run”, and that simply “my chapter is closing”
@0x_chill and @pastagotsauce – two pseudonymous members of the DeGods team – will step in to share the CEO role
Pasta has stated they will create “an homage to the last three years” before making changes that will “look different”

Frank DeGods Steps Down as CEO - Announcement — Source: @frankdegods on X

Who is FrankDeGods?

Frank DeGods – real name Rohun Vora – is the founder and former CEO of NFT collection DeGods.

Minted on Solana in October 2021, the 10,000-piece DeGods NFT collection is one of the most prominent PFP collections in the entirely of Web3. Thanks to Frank’s efforts, the collection has forged a reputation for outside-the-box innovation – a reputation that has seen DeGods gather a passionate community that ranks amongst the most tight-knit in the blockchain space.

Despite this success, Frank has seen frequent criticism for his leadership of the DeGods collection. From migrating DeGods and y00ts away from Solana to Bitcoin and Ethereum and back again, to lengthy statements that were unable to clarify the purpose and direction of the project – including an admission that he was “trusting the others on the team to lead the charge” – recent months have seen both DeGods holders and the wider Web3 community grow increasingly critical of his actions.

Frank’s statement that he is stepping down as DeGods CEO is his first public statement since February 16, where he announced he was “retiring my main public wallet” after allegations of insider trading, remarking that “it’s pointless trying to prove anything to you people”.

Frank DeGods Steps Down as CEO - Pasta Statement — Source: @pastagotsauce on X

What’s next for DeGods?

The role of DeGods CEO is set to be shared by two members of the DeGods team: @0x_chill and @pastagotsauce.

Both are well-known by the DeGods community, but have not publicly revealed their real names or faces. It remains to be seen whether this will continue to be the case, or if they will become a “public face” for the brand, much like Frank was.

In an announcement to the DeGods Discord – which notably didn’t thank Frank for his contributions over the years – Pasta stated that the coming weeks will see the creation of “an homage to the last three years and everything we built together”, and that “after that, things will look different”.

Though no additional details on exactly what the future may hold have been revealed so far, Pasta noted that “DeGods was at it’s [sic] best when it was chaotic, creative, and fun”, and that their job is “to make DeGods as big as it can possibly be”.