US EditionAn $8.4 billion money launderer has been operating for years on US soil
- Xinbi Co. Ltd., a Colorado-incorporated company operating the Chinese-language Telegram marketplace Xinbi Guarantee, has processed over $8.4 billion in crypto transactions since 2022.
- The platform emerged amid a China-based underground banking system facilitating industrial-scale scams like pig butchering and serving Southeast Asian fraudsters laundering stolen funds.
- Elliptic identified 233,000 users on Xinbi Guarantee and thousands of crypto addresses, mostly handling Tether stablecoin, with the marketplace growing 51% in six months.
- Tom Robinson of Elliptic suggested that Chinese money laundering organizations likely gain control of the funds before they are funneled into trading platforms like Xinbi, underscoring the involvement of North Korean hackers.
- Following Elliptic’s May 2025 report, Telegram removed numerous accounts linked to Xinbi, reflecting increased efforts to disrupt large-scale crypto crime despite Xinbi Co. Ltd.’s delinquent filing status.
16 Articles
16 Articles
North Korea uses shady online market registered in US to launder stolen crypto
North Korean cybercriminals used a U.S.-registered Chinese-language online marketplace to launder stolen cryptocurrency, according to a blockchain analysis firm, highlighting Pyongyang’s increasing reliance on such platforms to evade sanctions. In a report published on Tuesday, Elliptic revealed that North Korean actors sent virtual currency worth around $220,000 in Nov. 2024 to addresses controlled by the […]
An $8.4 billion money launderer has been operating for years on US soil
As the underground industry of crypto investment scams has grown into one of the world's most lucrative forms of cybercrime, the secondary market of money launderers for those scammers has grown to match it. Amid that black market, one such Chinese-language service on the messaging platform Telegram blossomed into an all-purpose underground bazaar: It has offered not only cash-out services to scammers but also money laundering for North Korean h…
Telegram Cracks Down on Suspected $8B Chinese Crypto Crime Marketplace Set Up in Colorado
Messaging app Telegram has closed thousands of channels belonging to suspected Chinese crypto-crime marketplaces after new research shed light on the situation, according to Elliptic.The closure follows a report published by the blockchain analytics firm on Tuesday into the fast-growing Telegram-based marketplace called Xinbi Guarantee.The Colorado-incorporated marketplace has processed over $8.4 billion worth of transactions using Tether’s USDT…
Colorado Has a Massive Home-Grown Crypto Crime Problem
A Chinese crypto service called Xinbi Guarantee, an online marketplace for laundering money, for-hire harassment, hacking rings, and sex trafficking, was hiding in plain sight in Colorado — until crypto-tracking group Elliptic caught wind of the operation. According to the firm's latest report, Xinbi's business was mostly conducted through the freewheeling messaging site Telegram, where criminal operatives based mostly in Southeast Asia sold ill…
U.S.-Registered Xinbi Guarantee Linked to $8.4 Billion in Illegal Activity
The post U.S.-Registered Xinbi Guarantee Linked to $8.4 Billion in Illegal Activity appeared on BitcoinEthereumNews.com. A company registered in Colorado, USA, has been secretly running one of the world’s biggest illegal crypto networks. Called Xinbi Guarantee, this company has helped criminals move $8.4 billion worth of crypto since 2022, right under the nose of U.S. authorities. From money laundering and scams to sex trafficking and fake ID sa…
An $8.4 billion money launderer has been operating for years on US soil - WorldNL Magazine
Before crackdown, this was one of the 'Net's biggest markets for Chinese-speaking scammers. As the underground industry of crypto investment scams has grown into one of the world's most lucrative forms of cybercrime, the secondary market of money launderers for those scammers has grown to match it. Amid that black market, one such Chinese-language service on the messaging platform Telegram blossomed into an all-purpose underground bazaar: It has…
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