TL;DR
- A company registered in Colorado, Xinbi Guarantee, has been linked to a Chinese black-market platform that has moved at least $8.4 billion in crypto, mainly in USDT.
- The Telegram-based operation offers money laundering services and technology for scammers in Southeast Asia.
- Despite the accusations, blockchain technology made it possible to track the transactions, showing crypto’s potential to fight financial crime rather than fuel it.
A recent investigation by blockchain analytics firm Elliptic has revealed that a company registered in the state of Colorado, Xinbi Co. Ltd, may be connected to one of the largest illicit crypto platforms currently operating.
According to the report, the platform known as Xinbi Guarantee has facilitated at least $8.4 billion in transactions, mostly using the stablecoin Tether (USDT), to support large-scale scamming and money laundering in Southeast Asia. The marketplace operates on Telegram and presents itself as a “capital and investment guarantee company.” It was established in 2022 and marked as “Delinquent” in January 2025 after failing to submit required filings in the U.S.
Accelerated Growth And International Ties
Elliptic states that Xinbi Guarantee is now the second-largest illicit online marketplace discovered to date, only behind Huione Guarantee, which was exposed in July 2024. During the last quarter of 2024, Xinbi processed over $1 billion in transactions. Evidence has also linked the platform to North Korean hacker groups that may be laundering stolen assets through it.
The services offered on the site range from stolen personal data and fake documents to technology such as Starlink equipment, which helps scammers operate more effectively and anonymously.
Suspicious Business Model And Regulatory Risks
The platform runs on a “guarantee model,” where vendors are required to deposit crypto upfront to establish trust between parties. According to Elliptic, this structure gives the operation a surface-level legitimacy that makes it harder to detect. Furthermore, Xinbi’s failure to comply with U.S. reporting laws may accelerate sanctions or legal action. Experts warn that these regulatory loopholes are being exploited by increasingly sophisticated criminal networks that know how to stay one step ahead.
The Bright Side Of Blockchain Transparency
While these illegal operations are alarming for authorities, this case also demonstrates how blockchain technology enables transparent tracking of global financial movements. Elliptic managed to identify thousands of crypto addresses connected to the platform, noting that the $8.4 billion traced may only represent a portion of its true volume. Rather than demonizing the crypto ecosystem, these findings reinforce the case for its responsible and regulated use. Far from being the enemy, blockchain technology can be a powerful ally in the fight against financial crime.
