$8.4B Crypto Crime Network Busted on Telegram: The Xinbi Guarantee Scandal

A shadowy Chinese-language black market known as Xinbi Guarantee has quietly facilitated over $8.4 billion in illicit crypto transactions since 2022, according to a joint investigation by WIRED and blockchain analytics firm Elliptic.

Operating primarily on Telegram, Xinbi Guarantee offered a range of criminal services, including money laundering, fake IDs, stolen personal data, and support for large-scale scams such as “pig butchering” — where victims are tricked into fake investment schemes. The platform also shockingly listed services related to surrogacy, harassment-for-hire, and other highly illegal and unethical activities.

What’s more alarming is that despite its illicit activity, Xinbi Guarantee was legally incorporated in Colorado, USA, likely to add a facade of legitimacy and ease access to US-based financial systems.

Much like other illicit networks, transactions were conducted mostly in Tether (USDT) — a stablecoin known for its speed and pseudonymity — making it easier to launder large amounts of money across borders.

Following exposure by investigators, Telegram banned the group's associated channels. However, given the resilience of these underground markets, experts warn that similar platforms may reappear under new names.

This case highlights the growing challenges of policing crypto-fueled crime networks — and the urgent need for tighter regulation and global cooperation.