Xinbi Guarantee's cryptocurrency crime network
A company registered in Colorado, USA, named Xinbi Guarantee, has secretly operated one of the largest illegal cryptocurrency networks in the world, aiding criminals in transferring $8.4 billion in cryptocurrency since 2022. Activities such as money laundering, fraud, human trafficking, and selling fake documents have demonstrated the danger and complexity of the cryptocurrency crime world.
The crime empire on Telegram
Xinbi Guarantee primarily operates through Telegram, running a large darknet market. Although it claims to serve Chinese-speaking customers, they still assert registration in Colorado. According to a report from blockchain company Elliptic, Xinbi uses Tether (USDT) for most transactions. In just the last three months of 2024, over $1 billion flowed through this platform. Xinbi also helped North Korean hackers launder money from the hack of India's WazirX exchange, which stole $235 million.
From fake documents to human trafficking
The number of users of Xinbi has doubled, from 119,000 in August 2024 to 233,000 currently. However, the concern is not only the number but also the nature of what the platform provides. In addition to stolen cryptocurrency, there are also fake documents, personal data, and fraudulent materials. The platform has even been accused of facilitating sex trafficking and unauthorized access to egg donation and surrogacy, blurring the lines between cybercrime and human exploitation.
Registered in the USA, but lacking real oversight
Despite this, Xinbi Guarantee was officially registered in Aurora, Colorado, in 2022. However, the company's status was changed to 'criminal' in early 2025 for failing to submit mandatory reports. This raises serious questions about how these platforms exploit the corporate system in the United States to operate globally without oversight.
Telegram acted quickly
After Elliptic's report, Telegram shut down several channels related to Xinbi, including those linked to another illegal platform, Huione Guarantee. This is a positive step, but experts say more needs to be done to prevent this situation.
Source: https://tintucbitcoin.com/xinbi-hoa-ky-bi-nghi-lien-he-84-ty-usd-hoat-dong-phi-phap/
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