Elliptic: Colorado-registered company Xinbi suspected of $8 billion in illegal cryptocurrency transactions

Mars Finance News: According to Cointelegraph, blockchain security company Elliptic disclosed that Xinbi Co. Ltd, registered in Colorado in 2022, is associated with an illegal online market called "Xinbi Guarantee". This market operates on the Telegram platform, serving as a Chinese illegal market primarily catering to Southeast Asian scammers, having received 84 billion USD in funds, mainly through USDT transactions. Merchants on the market provide technology, personal data, and money laundering services to scammers, assisting them in executing "pig-butchering" scams. Xinbi Guarantee claims to be an "investment and capital guarantee group company", but was updated to "delinquent" status in January 2025 for failing to submit periodic reports. The black market offers the largest money laundering service transactions, also providing Starlink equipment, stolen personal data, and fake identity documents. Elliptic stated that Xinbi Guarantee is the second-largest illegal online market, with transaction volumes exceeding 1 billion USD in the fourth quarter of 2024, and is linked to North Korean hacker money laundering. The 84 billion USD transaction volume may be just the tip of the iceberg. The platform has 233,000 users, operates on a "guarantee mode", but remains a breeding ground for illegal activities. Colorado state records show that Xinbi Co. Ltd was listed as "non-compliant" in January 2025 for failing to submit annual reports.