Elliptic reported that Xinbi Co. Ltd operates Xinbi Guarantee, an illicit online market on Telegram, facilitating $8.4 billion in transactions. This highlights significant concerns regarding USDT's role in cross-border crypto crimes, prompting calls for improved regulations.
The investigation exposed Xinbi's regulatory failures, marking it as “delinquent” and showing its link to Southeast Asian scams. The closure of Telegram channels reflects the crackdown on illicit activities, underlining vulnerabilities in crypto regulations.
Coincu emphasizes the necessity for stricter scrutiny of stablecoins like USDT to combat fraud, highlighting the urgent demand for transparency and accountability in the crypto space.
Full story here: https://coincu.com/337608-elliptic-reveals-xinbi-guarantee-scams