Massive Telegram-Based Marketplace "Xinbi Guarantee" Linked to $8.4 Billion in Illicit Transactions

A Chinese-language marketplace operating on Telegram, known as Xinbi Guarantee, has processed over $8.4 billion in transactions since 2022, according to a recent report by blockchain analytics firm Elliptic. This revelation positions Xinbi Guarantee as one of the largest known digital black markets, following in the footsteps of another illicit platform, HuiOne Guarantee.

What Is Xinbi Guarantee?

Xinbi Guarantee is a Telegram-based black market that enables criminal enterprises to engage in large-scale cybercrime and financial fraud. It acts as a hub for various illegal services, including:

• Money laundering

• Access to stolen personal data

• Sale of fake IDs

• Romance scam services (commonly referred to as "pig butchering")

• Human trafficking and surrogacy arrangements

• Advanced cyber tools and infrastructure

With more than 233,000 users, Xinbi is effectively a one-stop marketplace for fraudsters and illicit actors across Southeast Asia and beyond.

Payment Methods and Connections to North Korea

The primary currency used for transactions is USDT (Tether), a popular stablecoin in the cryptocurrency space. Elliptic’s research indicates that:

• Over $8.4 billion in USDT has been funneled through the platform.

• Some of the assets transacted through Xinbi are linked to North Korean state-sponsored cybercrime.

• A portion of the funds can be traced back to the WazirX exchange hack, with $220,000 in USDT being laundered through Xinbi-controlled wallets in November 2024.

Industrial-Scale Cybercrime and Global Impact

Xinbi’s structure reveals a well-organized supply chain for cybercrime. Vendors offer an expansive menu of services, including:

• Starlink satellite internet equipment for maintaining anonymity in remote areas

• Database access to target potential fraud victims

• Physical intimidation services for hire within China

• Illicit reproductive services, such as egg donation and surrogacy

• Sex trafficking operations

This industrialization of cybercrime, fueled by encrypted communications and decentralized payment systems, poses significant challenges for law enforcement worldwide.

Links to Legitimate Business Registration

A particularly bizarre discovery is that Xinbi Guarantee is registered as a business in the U.S.—specifically in Colorado, under the name "Xinbi Investment and Capital-Guarantee Group Company." The entity was incorporated in August 2022 but has since been marked as "Delinquent" for failing to file required reports. The registrant is listed as Mohd Shahrulnizam Bin Abd Manap, raising concerns about identity fraud or shell company manipulation.

Regulatory Response and Platform Takedowns

As a response to these findings:

• Telegram has shut down thousands of channels associated with Xinbi and HuiOne, effectively disrupting their operations.

• Elliptic reports that the combined USDT volume across both platforms exceeded $35 billion, dwarfing activity on traditional darknet markets.

• The U.S. Department of the Treasury recently designated HuiOne Group as a "primary money laundering concern", further signaling increased international pressure on digital financial crimes.

Broader Implications

The rise of platforms like Xinbi Guarantee exposes the growing use of stablecoins in underground economies, particularly in Asia. These platforms are part of a shadow banking system that operates across borders, often beyond the reach of traditional financial oversight.

Elliptic warns that without stronger safeguards and international cooperation, free-tier web platforms, encrypted messaging apps, and blockchain anonymity will continue to empower large-scale illicit activity.