TechFlow, May 14 — According to Cointelegraph, blockchain security firm Elliptic has revealed that Xinbi Co. Ltd, a company registered in Colorado, is linked to a Chinese illicit marketplace named Xinbi Guarantee, which primarily serves scammers across Southeast Asia. The Xinbi Guarantee platform has received approximately $8.4 billion in transactions, predominantly conducted in the USDT stablecoin.
The report states that Xinbi is the second-largest illegal online market discovered to date, offering money laundering services, technical equipment, personal data, and forged documents to over 233,000 users. In the fourth quarter of 2024 alone, transaction volumes exceeded $1 billion, with evidence indicating connections between the platform and North Korean hacker groups involved in money laundering operations.
