The company had set up shop in Colorado, moving massive amounts of money undetected
A Chinese-language crypto marketplace with deep ties to online fraud and money laundering in Southeast Asia is now being linked to a company incorporated in Colorado. According to blockchain analysis firm Elliptic, Xinbi Guarantee has moved at least $8.4 billion, mostly in Tether transactions, through its operations, raising concerns about its use in supporting scam networks and laundering digital currency.
Xinbi Guarantee, which runs primarily on Telegram, offers a range of illegal services, including money laundering, access to stolen data, fraudulent identification documents, and even technology like satellite equipment. The platform claims to be an “investment and capital guarantee group” and operates under the name Xinbi Co. Ltd — a company that was officially incorporated in Colorado in 2022. However, the business was marked “Delinquent” earlier this year for not submitting required reports.
The volume of crypto transactions through Xinbi is rapidly increasing. In just the final quarter of 2024, the platform processed over $1 billion, according to Elliptic’s research. Investigators also suspect that some of these funds may have ties to North Korean cybercriminals attempting to clean stolen crypto assets.
Currently, Xinbi Guarantee ranks as the second-largest black-market crypto operation discovered by Elliptic, following the July 2024 exposure of Huione Guarantee. That marketplace, part of a broader group called Huione, has reportedly processed close to $100 billion in crypto and was recently sanctioned by the US Treasury.
With over 230,000 users, Xinbi uses a “guarantee” system where vendors must provide deposits, supposedly to prevent scams within the platform itself. However, the structure has been exploited by organized criminal groups to facilitate large-scale fraud, often targeting individuals through so-called pig butchering scams.
Elliptic warns that platforms like Xinbi are part of a growing digital shadow banking system centered in China, where stablecoins play a central role in hiding illicit financial activity.
