Xinbi Guarantee Linked to $8B Scam Network on Telegram

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Xinbi Guarantee Linked to $8 Billion Scam Network on Telegram, Says Elliptic

Written by Aaron S.,

Editor-In-Chief

Last Updated: May 14, 2025

Key Takeaways

Xinbi Guarantee, tied to a Colorado firm, processed over $8 billion in crypto, mostly Tether, through a Telegram-based platform;
The marketplace serves Southeast Asian scam networks and offers laundering, fake IDs, and tech like Starlink for fraud operations;
Elliptic linked Xinbi to North Korean hackers and warned that the $8.4 billion figure may understate the platform's true transaction volume.

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Xinbi Guarantee, a Telegram-based marketplace operated in Chinese, has been tied to over $8 billion in crypto transactions, which mostly involved the stablecoin Tether USDT $0.9982 .

Blockchain analytics firm Elliptic reported on May 13 that the platform is connected to Xinbi Co. Ltd. The company, registered in Colorado in 2022, has since been marked as "Delinquent" for failing to file required paperwork in January 2025.

Though based in the US on paper, Xinbi Guarantee primarily serves scam networks operating in Southeast Asia. Vendors using the platform offer services such as money laundering, stolen identity data, forged documents, and even Starlink equipment to support remote fraud operations.

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Elliptic said the largest share of Xinbi’s activity is linked to laundering services, where crypto is exchanged or moved in ways that obscure its origin.

The platform uses a "guarantee model", which requires sellers to place a deposit as a form of buyer protection. This system, along with Telegram’s ease of access, has helped the platform attract over 233,000 users.

The report noted that activity on Xinbi grew in 2024, with over $1 billion in transactions during the last quarter alone. Elliptic also connected some of the wallet addresses on the platform to hacking groups based in North Korea, which are believed to have laundered stolen funds through Xinbi.

Thousands of wallet addresses linked to Xinbi and its vendors were identified in the report. However, Elliptic stated that the $8.4 billion figure is likely just the minimum, as not all addresses or activity could be tracked.

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