Telegram has come under scrutiny following a major revelation: blockchain analytics firm Elliptic has uncovered a massive illicit marketplace called Xinbi Guarantee, operated via Telegram and responsible for processing at least $8.4 billion in Tether (USDT). The platform was run by Xinbi Co. Ltd., a company based in Colorado, USA.
šø A Dark Marketplace: Fraud, Money Laundering, and Fake Identities
On May 13, Elliptic announced that thousands of Telegram channels linked to Xinbi Guarantee were shut down following an investigation that revealed connections to widespread online fraud ā including the infamous pig-butchering crypto scams and money laundering operations, primarily targeting victims in Southeast Asia.
The marketplace also facilitated the sale of fake IDs, stolen personal data databases, and even Starlink satellite equipment. Payments for these illicit services and goods were predominantly made in USDT, serving as the marketplaceās main currency.
š Explosive Growth: Users and Transaction Volume Soar
According to Elliptic, the growth of this illegal network was staggering. From just 119,000 users in August 2024, Xinbi Guarantee surged to 233,000 users by May 2025. Transaction volumes skyrocketed ā in Q4 2024 alone, the platform received over $1 billion in inflows.
In total, the marketplace handled at least $8.4 billion in USDT, making Xinbi Guarantee one of the largest illicit crypto markets ever discovered.
š§Ø Links to North Korean Money Laundering Operations
Ellipticās research also found that Xinbi Guarantee was used to launder stolen crypto funds connected to North Korean hacking groups. In one incident, $235 million was stolen from India-based exchange WazirX, and around $220,000 in USDT was traced through addresses associated with Xinbi Guarantee.
š Telegram Responds, but the Threat Persists
Following Ellipticās findings, Telegram shut down thousands of channels associated with Xinbi Guarantee, as well as with Huione Guarantee, another major illegal crypto marketplace operating on a similar model.
Despite these takedowns, Elliptic warns that over 30 similar illegal markets are still active, using Telegram infrastructure and stablecoins to facilitate a wide range of crypto-related scams and cybercrimes.
ā ļø Summary:
š¹ Xinbi-linked Telegram marketplaces processed $8.4 billion in USDT
š¹ Activities included ID fraud, data trafficking, and crypto laundering
š¹ Some funds were linked to North Korean state-sponsored hackers
š¹ Telegram took action and removed thousands of related channels
š¹ Elliptic continues monitoring 30+ similar black market platforms
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