Elliptic: Colorado-based company Xinbi is suspected of $8 billion in illegal cryptocurrency trading
ChainCatcher news, according to Cointelegraph, blockchain security company Elliptic disclosed that a company registered in Colorado in 2022, Xinbi Co. Ltd, is associated with an illegal online marketplace called "Xinbi Guarantee."This marketplace is based on the Telegram platform and is a Chinese illegal market primarily serving Southeast Asian scammers, having received $8.4 billion in funds to date, mainly in the form of USDT transactions. Merchants on the market provide scammers with technology, personal data, and money laundering services, assisting them in carrying out "pig butchering" scams. Xinbi Guarantee claims to be an "investment and capital guarantee group company," but its status was updated to "delinquent" in January 2025 for failing to submit periodic reports on time. The black market's money laundering service has the largest transaction share and also offers Starlink devices, stolen personal data, and fake IDs.Elliptic states that Xinbi Guarantee is the second-largest illegal online marketplace, with transaction volumes exceeding $1 billion in the fourth quarter of 2024, and is linked to North Korean hacker money laundering. The $8.4 billion transaction volume may only be the tip of the iceberg of actual trading volume. The platform has 233,000 users and operates under a "guarantee model," yet remains a hotbed for illegal activities. Records from the Colorado state government show that Xinbi Co. Ltd was listed as "in violation" in January 2025 for failing to submit its annual report on time.