Xinbi Exposed: How a Colorado-Registered Firm Laundered $8.4B in Crypto for Criminals
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On May 13, blockchain analytics firm Elliptic exposed Xinbi Guarantee, a Chinese-language Telegram marketplace, for laundering at least $8.4 billion in stablecoins and other crypto assets.
Registered legally as Xinbi Co. Ltd in Colorado, the platform serves 233,000 users, many of whom funnel proceeds from Southeast Asian “pig-butchering” scams and other crimes.
https://x.com/elliptic/status/1922302626663723484
In just Q4 2024, Xinibi processed over $1 billion, securing its place as the second-largest illicit crypto marketplace uncovered.
Only Huione Guarantee surpassed it, moving roughly $24 billion before it was banned from US banking systems.
Scams, Stolen Data and North Korean Ties
Elliptic uncovered thousands of Xinbi-controlled addresses, linking several to wallets drained in hacks tied to North Korean cyber units. The $8.4 billion laundering figure likely falls short of Xinbi’s actual scale, as many linked wallets remain hidden.
Xinbi runs a “guarantee model,” locking vendor deposits to prevent fraud while helping criminals cash out stablecoins. But the platform does more than launder money. It peddles Starlink gear for scammers, stolen identities, fake documents, and leaked personal data.
New research: Huione Guarantee is the largest illicit online marketplace of all time – providing scammers with the tools they need to perpetrate pig butchering and other fraud against victims worldwide, on an industrial scale.https://t.co/EzJdnsAR0e
— Elliptic (@elliptic) January 14, 2025
Despite its Colorado registration, Xinbi Co. Ltd has been flagged delinquent after missing a mandatory January 2025 filing. Investigators caution that U.S. corporate status lends illicit operations a false legitimacy and smoother access to banking systems.
Following Elliptic’s research, Telegram swiftly banned key Xinbi channels, although similar markets often resurface under new names. Elliptic has urged exchanges, payment processors, and law-enforcement agencies to blacklist addresses tied to Xinbi and crack down on similar guarantee-style platforms.
In a related action, on May 1, FinCEN moved to sever Huione Group and its affiliates from the U.S. financial system under the Patriot Act. This came after tracing $4 billion in illicit flows via the Cambodian conglomerate since August 2021, including $37 million linked to North Korea’s Lazarus Group. Meanwhile, another $36 million was traced back to pig-butchering scams. Though the ruling still faces a 30-day comment period, Huione is poised to lose access to dollar clearing—a critical blow.
Crypto Crime in 2024: A North Korean Gold Rush
Global crypto crime reached alarming new heights in 2024, with state-sponsored hackers and organized syndicates exploiting the borderless nature of digital assets.
The 2025 Chainalysis Crypto Crime Report reveals the shocking scale of Pyongyang’s digital heists. North Korean hackers stole $1.34 billion in 2024, 61% of all crypto thefts worldwide.
Their evolving tactics now include posing as tech recruiters to infect developers’ devices with malware, then draining wallets and exfiltrating sensitive data.
The United States suffered disproportionately, with FBI data showing crypto scam losses jumping 66% year-over-year to $9 billion across 140,000 complaints.
Yet enforcement efforts are gaining traction. FBI-led programs like “Operation Level Up” have helped save $285 million for 4,323 fraud victims and intervened in 5,400 extortion cases between January 2024 and 2025.
