The Xinbi Guarantee firm, registered in 2022 in the state of Colorado under the name Xinbi Co. Ltd, is linked to a Chinese illegal marketplace on Telegram that provides Southeast Asian fraudsters with technology, personal data, and money laundering services. These conclusions were reached by experts at Elliptic.
According to analysts, since its inception, the platform has processed at least $8.4 billion, primarily in the stablecoin USDT. In the fourth quarter of 2024, volumes exceeded $1 billion, and the marketplace ranked second in scale after Huione Guarantee.
The illegal marketplace has around 233,000 users and operates on a 'guarantee' principle, requiring deposits from sellers to prevent fraud. Elliptic also identified thousands of associated crypto addresses and noted that the actual transaction volumes are likely significantly higher. Part of the funds, according to analysts, were laundered by hackers from North Korea.
