Blockchain analytics firm Elliptic has exposed Colorado-based Xinbi Guarantee as a major marketplace for cybercrime, facilitating $8.4 billion in illicit crypto transactions since 2022.
Operating primarily on Telegram, Xinbi Guarantee has emerged as one of the largest underground marketplaces for scammers and criminals in Southeast Asia. It offers services ranging from money laundering to human trafficking.
Xinbi Guarantee: Exposing the $8.4 Billion Crypto Crime Marketplace
According to Elliptic’s investigation, Xinbi Guarantee predominantly uses the stablecoin Tether (USDT) for transactions. In Q4 2024, the inflows exceeded $1 billion, highlighting the platform’s rapid growth and increasing prominence in illicit crypto markets.
Furthermore, it has also seen significant user growth. Xinbi’s users increased by 95.8%, from 119,000 in August 2024 to 233,000 as of the latest data.
“According to our analysis, Xinbi Guarantee is already the second largest illicit online market to have ever operated,” Elliptic claimed.
In addition, Elliptic revealed that Xinbi, a critical infrastructure for online scammers, categorizes merchants into nine categories. Money laundering is the largest category. It makes up the bulk of the transactions happening on the platform.
These channel operators launder proceeds from fraud and even pig butchering scams. Moreover, Xinbi Guarantee also laundered crypto assets that North Korean hackers stole from WazirX. In July 2024, the Indian exchange suffered a $235 million hack.
On November 12, 2024, Xinbi Guarantee addresses received around $220,000 in USDT in nine transactions. This evidenced the platform’s involvement in laundering proceeds from the heist.
Meanwhile, vendors on Xinbi also sell stolen personal data, fake IDs, and fraudulent documents, which are used to target victims. Additionally, the marketplace offers technology such as Starlink devices to facilitate scams.
It’s also involved in more sinister services like targeted harassment-for-hire, stalking-as-a-service, and access to child-bearing surrogates and egg donors. Disturbingly, some merchants are also linked to sex trafficking.
Despite its operations catering to Chinese-speaking criminals, Xinbi Guarantee is legally registered in Colorado, USA, a fact it openly advertises on its website.
“The Colorado corporate register confirms that “Xinbi Co., Ltd” was incorporated in August 2022, with a principal office in Aurora, CO. In January 2025 the corporation was updated to “Delinquent” for failing to file a periodic report,” the investigation highlighted.
This US incorporation has raised concerns about regulatory oversight and the exploitation of legal jurisdictions to shield illicit activities. Xinbi Guarantee’s exposure follows a pattern of growing illicit marketplaces uncovered by Elliptic. In July 2024, the firm shed light on Huione Guarantee’s operations.
Notably, Elliptic’s latest research has prompted Telegram to ban several channels linked to Xinbi Guarantee and Huione Guarantee from its platform, marking a significant crackdown on these digital black markets.
eToro
eToro
eToro
eToro
YouHodler
Arkham
Wirex
NEXO
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
