The $8 Billion Illegal Cryptocurrency Market Xinbi Established in Colorado: Elliptic

Elliptic reports that Xinbi Guarantee has received $8.4 billion, primarily in stablecoin transactions, to facilitate money laundering and fraud in Southeast Asia.

A Colorado-based company has been found to be involved in an illegal Chinese market catering to scammers in Southeast Asia and used to transfer billions of dollars in cryptocurrency.

Blockchain security company Elliptic reported on May 13 that the market named Xinbi Guarantee has received $8.4 billion, mainly in Tether stablecoin transactions to date.

Merchants on the illegal Chinese market based on Telegram sell technology, personal data, and money laundering services to scammers in Southeast Asia, who target victims with 'pig butchering' schemes.

On its website, Xinbi describes itself as an 'investment and capital guarantee company' and claims to operate through Xinbi Co. Ltd, a Colorado-based company established in 2022.

Elliptic reports: 'In January 2025, the company was updated to 'Delayed' for failing to submit periodic reports.'

The main services provided on the black market are money laundering services, which account for the largest share, as well as technologies like Starlink devices for scammers, stolen personal data to target victims, fake IDs, and other fraudulent documents. #MarketUpdate