Xinbi Guarantee Linked to $8.4 Billion in Illicit Transactions, 95.8% User Growth

Xinbi Guarantee, a cryptocurrency marketplace, has been implicated in $8.4 billion of illicit transactions, according to an investigation by Elliptic. The platform, based in Colorado, has seen a remarkable 95.8% user growth, highlighting its significant role in cybercrime. Elliptic's findings underscore the platform's reach in illicit services, with a particular emphasis on money laundering and the sale of stolen personal data, counterfeit IDs, and fraudulent documentation.

Xinbi Guarantee predominantly uses the stablecoin Tether (USDT) for transactions. In the fourth quarter of 2024, inflows exceeded $1 billion, indicating the platform's rapid expansion and growing influence within illicit crypto markets. The user base of Xinbi Guarantee has surged from 119,000 in August 2024 to 233,000 as of the latest data, making it one of the largest illicit online markets ever operated.

The platform's infrastructure categorizes merchants into nine categories, with money laundering representing the bulk of transactions. Operators function as a laundering mechanism for proceeds of fraud, notably linked to incidents such as the WazirX hack. On November 12, 2024, Xinbi Guarantee addresses received around $220,000 in USDT in nine transactions, revealing the platform’s role in laundering the proceeds from this high-profile heist.

Vendors on Xinbi offer a wide range of illicit services, including the sale of stolen personal data, counterfeit IDs, and fraudulent documentation. These materials are frequently utilized in targeting victims. The marketplace’s offerings extend to advanced technology, such as Starlink devices, to enhance the effectiveness of scams. More alarming services are on offer, including targeted harassment-for-hire and access to surrogates and egg donors, with ties to sex trafficking.

Despite primarily serving Chinese-speaking criminals, Xinbi Guarantee is legally registered in Colorado, USA. The Colorado corporate register affirms that ‘Xinbi Co., Ltd’ was incorporated in August 2022, with its principal office in Aurora, CO. In January 2025, the corporation was designated as ‘Delinquent’ for failing to file the required periodic report. This incorporation status has raised significant concerns regarding regulatory oversight and the potential exploitation of regulatory frameworks to facilitate illegal operations.

Xinbi Guarantee’s exposure continues a pattern of illicit marketplaces uncovered by Elliptic, following the analysis of Huione Guarantee’s activities disclosed in July 2024. Elliptic’s latest findings have propelled Telegram to ban several channels associated with Xinbi Guarantee and Huione Guarantee, marking a noteworthy crackdown on these digital black markets.

The rise of Xinbi Guarantee as a major player in illicit crypto transactions serves as a stark reminder of the challenges facing regulatory bodies in tracking and mitigating cybercrime. With $8.4 billion linked to illegal activities, the crypto industry must prioritize transparency and security to restore trust and combat these emerging threats.