A firm based in Colorado has been connected to a Chinese illicit marketplace catering to scammers in Southeast Asia, facilitating billions of dollars in crypto transactions. Xinbi Guarantee, the marketplace, has processed $8.4 billion mainly in Tether stablecoin transactions, offering services like technology, personal data, and money laundering to scammers. Operating through Xinbi Co. Ltd, a Colorado-incorporated company, Xinbi has been flagged for failing to file reports. The platform, with 233,000 users, is the second-largest illicit online marketplace, with transaction volume surging. Elliptic identified thousands of crypto addresses linked to Xinbi Guarantee, suggesting the reported transaction volume is conservative. The platform operates on a deposit-based model to prevent fraud. Similar platforms like Huione Guarantee have also been exposed for facilitating large crypto transactions, highlighting a China-based underground banking system for money laundering. Read more AI-generated news on: https://app.chaingpt.org/news