Elliptic Uncovers $8.4 Billion Xinbi Market Scams on Telegram, Linked to North Korean Hackers and Southeast Asian Scams.

Elliptic exposes Xinbi Co. Ltd's ties to an illegal Telegram market, facilitating $8.4 billion in transactions. Xinbi is linked to Southeast Asian scams and North Korean hackers. The market operates largely through USDT transactions and has been disrupted by Telegram's crackdown on illicit channels. Authorities have yet to publicly prioritize the case.

Colorado-based Xinbi Co. Ltd., incorporated in 2022, has been linked to an illicit marketplace facilitating $8.4 billion in crypto transactions, primarily through Tether (USDT) stablecoins [1]. The marketplace, known as Xinbi Guarantee, operates on Telegram and serves Southeast Asian scammers, particularly those involved in "pig butchering" schemes.

Xinbi Guarantee offers various illegal services, including money laundering, stolen personal data, and fraudulent documents. The platform has grown rapidly, with over $1 billion transacted in the fourth quarter of 2024 [1]. It is the second-largest illicit online marketplace discovered so far, with transaction volumes increasing rapidly.

Investigations by blockchain security firm Elliptic have revealed that Xinbi Guarantee is connected to North Korean hackers laundering stolen funds. The platform operates under a "guarantee model," requiring vendor deposits to prevent fraud [1].

Telegram's Crackdown on illicit channels has disrupted Xinbi Guarantee, but authorities have yet to publicly prioritize the case. The platform's rapid growth and the involvement of North Korean hackers highlight the complex nature of cryptocurrency-based illicit activities.

References:
1. [https://cointelegraph.com/news/crypto-black-market-xinbi-colorado-based-firm?utm_campaign=rss_partner_inbound&utm_medium=rss&utm_source=rss_feed](https://cointelegraph.com/news/crypto-black-market-xinbi-colorado-based-firm?utm_campaign=rss_partner_inbound&utm_medium=rss&utm_source=rss_feed)