Illicit $8B crypto market Xinbi incorporated in Colorado: Elliptic

Elliptic reports that Xinbi Guarantee has received $8.4 billion, primarily in stablecoin transactions, to facilitate money laundering and scamming in Southeast Asia.

A Colorado-incorporated firm has been linked to a Chinese illicit marketplace that has served scammers in Southeast Asia and has been used to channel billions of dollars worth of crypto.

The marketplace, called Xinbi Guarantee, has received $8.4 billion, primarily in Tether (USDT) stablecoin transactions to date, blockchain security firm Elliptic reported on May 13. 

Merchants on the Chinese-language, Telegram-based illicit marketplace sell technology, personal data, and money laundering services to Southeast Asian scammers who target victims using pig butchering scams. 

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