The analytics company Elliptic has identified Xinbi Guarantee, based in Colorado, as a major hub for cybercrime, enabling illegal cryptocurrency transactions totaling $8.4 billion since 2022. Operating mainly on Telegram, Xinbi Guarantee has become a significant marketplace for scammers and criminals in Southeast Asia, offering a wide range of unlawful services like money laundering and human trafficking.

Elliptic's investigation revealed that Xinbi Guarantee predominantly uses Tether (USDT) for transactions, with inflows exceeding $1 billion in the fourth quarter of 2024, indicating its rapid growth in illicit crypto markets. User numbers on Xinbi increased by nearly 96% from August 2024 to the latest data, reaching 233,000 users.

Elliptic stated that Xinbi Guarantee is one of the largest illicit online markets ever seen, with merchants categorized into nine groups, with money laundering being the most prevalent. The platform has been involved in laundering assets stolen by North Korean hackers from WazirX, an Indian exchange that suffered a $235 million hack in July 2024.

Xinbi Guarantee facilitates the sale of stolen personal data, fake IDs, fraudulent documents, and technology like Starlink devices to aid scams. Additionally, it offers disturbing services such as targeted harassment, stalking, and access to child-bearing surrogates and egg donors, with some merchants linked to sex trafficking. Despite its focus on Chinese-speaking criminals, Xinbi Guarantee is legally registered in Colorado, raising concerns about regulatory oversight and exploiting legal jurisdictions for criminal activities.

Following Elliptic's findings, Telegram has taken action by banning channels associated with Xinbi Guarantee and Huione Guarantee, another illicit marketplace revealed by the analytics firm in July 2024.