A Colorado-incorporated company, Xinbi Co. Ltd., has been linked to Xinbi Guarantee, a Chinese-language, Telegram-based illicit marketplace serving Southeast Asian scammers. The platform, which has processed $8.4 billion primarily in Tether (USDT) stablecoin transactions, facilitates money laundering and sells stolen personal data, fake IDs, and technology like Starlink equipment to scammers employing “pig butchering” schemes targeting victims globally.
Xinbi Guarantee is a company that says that it is an “investment and capital guarantee group.” The firm was started in Colorado in the year 2022 but ran into trouble in January 2025 because it did not file the required paperwork, so it’s now called “Delinquent.”
The company runs an online platform with 233,000 users. There are people who sell illegal things like money laundering services and stolen data on the platform. To stop scams, sellers have to pay a deposit to join.
As per the reports, this platform has moved $8.4 billion in cryptocurrency, mostly using Tether. A company called Elliptic found thousands of crypto accounts linked to Xinbi.
The company stated that it thinks that the $8.4 billion is probably lower than the actual figure, which will be high. In the last three months of 2024, it handled over $1 billion. Some evidence also says that North Korean hackers use it to hide money they have stolen.
Xinbi Guarantee is the second-biggest illegal online marketplace found so far, after another Chinese platform called Huione Guarantee, which was exposed in July 2024 by a company named Elliptic. In May 2025, in a money-laundering operation, the US Treasury banned the Chinese platform, which handled $98 billion in cryptocurrency transactions.
Both the firms Xinbi and Huione showed how criminals in China use digital currencies, like stablecoins, to move huge amounts of illegal money in a hidden banking system.
Elliptic’s research highlights that these illegal crypto platforms are an emerging problem that helps criminals globally. The rapid increase in serious crimes, such as those committed by North Korean hackers, is a significant concern for governments and law enforcement agencies worldwide. The global authorities are trying to stop cryptocurrency-related crimes.
Also Read: G7 Summit to Address North Korea’s Crypto Hacks and Cyber Threats
