Uncovered: Colorado-based Xinbi Firm Reveals $8.4B Telegram-Driven Cybercrime Network Supported by Tether (USDT)
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Say Goodbye to Xinbi Guarantee: Telegram's Axe Falls on USDT-Powered Cybercrime Marketplace
It's adios to Xinbi Guarantee, the Telegram-based marketplace that's been serving up cybercrime for scammers, after blockchain analytics firm Elliptic exposed a whopping $8.4B in illicit transactions.
On the 13th of May, Elliptic, a blockchain analyst, spilled the beans that Xinbi Guarantee, a Telegram marketplace owned by Xinbi Co. Ltd, Colorado-incorporated, has seen its channels closed left and right thanks to Elliptic's research, which revealed its involvement in large-scale cybercrime and money laundering.
The merchants on the Xinbi Guarantee platform catered primarily to fraudsters in South East Asia, offering laundering services for profits from various online scams, including the infamous pig butchering scams. This duplicitous marketplace also peddled Starlink satellite equipment, fake IDs, and databases of stolen personal information. The primary mode of payment for these illicit goods was Tether (USDT).
Elliptic's investigation found that the marketplace had received at least $8.4B in USDT transactions since 2022. Marking Xinbi Guarantee as one of the larger illicit markets of its kind. The platform showed impressive growth, with its user base skyrocketing from 119K users in August 2024 to 233K users by May this year. This explosive growth was accompanied by a sharp increase in transaction volumes, with the marketplace exceeding $1B in inflows during Q4 2024 alone.
Elliptic also discovered links between Xinbi Guarantee and the laundering of funds stolen by North Korea. In one instance, $235M was pilfered from the Indian crypto exchange WazirX in a hack attributed to North Korean hackers. Elliptic's scrutiny revealed that part of the pilfered funds – a not-so-insignificant amount of $220K in USDT-was funneled through Xinbi Guarantee accounts.
Following Elliptic's revelations, Telegram came down hard on the illicit marketplace, shuttering thousands of channels associated with both Xinbi Guarantee and another significant player, Huione Guarantee.
In case you thought that was it, Elliptic still keeps tabs on over 30 similar illicit marketplaces leveraging Telegram's infrastructure and stablecoin payments to enable a wide variety of crypto fraud and cybercrimes. 🕵️♂️💸
FBI Links Over $9B in 2024 Fraud Losses to Crypto Scams, Led by 'Pig Butchering' Schemes
Additional Information:- Xinbi Co. Ltd Background: Incorporated in Colorado in 2022, Xinbi Co. Ltd, the company operating Xinbi Guarantee, became labeled as 'Delinquent' in January 2025 due to failure to file periodic reports.- Trust Enhancement Strategy: The platform employs a 'guarantee model' that requires vendors to deposit funds, fostering trust among its unsavory clientele.- Incriminating Activities: Services offered on the platform include money laundering, sale of fake IDs, databases of stolen personal information, and satellite internet equipment.- Growth and Transaction Scales: Xinbi Guarantee boasts approximately 233K users and has processed over $8.4B in illicit transactions since 2022. This volume is considered a minimum, suggesting the actual figure could be higher.- North Korea Connection: Certain transactions on the platform have been traced back to funds swiped by North Korean hackers, indicating Xinbi Guarantee's complicity in laundering proceeds from state-sponsored cybertheft.- Widespread Impact: The marketplace notably supports pig butchering scammers, a form of online fraud that swindles victims of astronomical sums through romance baiting.- Ongoing Tracking Efforts: Despite the crackdown, Elliptic continues to track over 30 similar illicit marketplaces that use Telegram's infrastructure to peddle a variety of cybercrime services.- Sources: [1], [2], [4]
- The primary mode of payment for the illicit goods on Xinbi Guarantee, a notorious cybercrime marketplace, was Tether (USDT), a stablecoin.
- The blockchain analytics firm, Elliptic, discovered links between Xinbi Guarantee and the laundering of funds stolen by North Korea, including $220K in USDT that was pilfered from the Indian crypto exchange WazirX.
- In general-news, it was reported that Telegram-based illicit marketplaces like Xinbi Guarantee, which operate on a 'guarantee model' and offer services such as money laundering and sale of fake IDs, are still under surveillance by blockchain analysts like Elliptic.
- In crime-and-justice news, the FBI linked over $9B in 2024 fraud losses to crypto scams, with pig butchering schemes leading the charge, indicating a growing concern for the role of crypto technology in facilitating such activities.
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