Xinbi Guarantee is a rapidly growing Chinese-language marketplace on the messaging app Telegram that facilitates online fraud and laundering businesses across Southeast Asia.
It facilitates illicit business such as trafficking and cyber fraud and uses USDT stablecoin of Tether as its primary currency. The vendors on Xinbi Guarantee provide a variety of illicit services that range from money laundering to sales of stolen individual information.
Several of them also offer Starlink internet bundles, counterfeit documents, and access to individual databases used for scamming purposes. Both of these services enable scammers to target and scam individuals around the world.
By May 2025, Xinbi Guarantee had more than 233,000 users, up from 119,000 users in August 2024. They have nine vendor categories, with the most significant number involved in cleaning criminal proceeds. Merchants brazenly assert that they launder the fraud proceeds into clean money used within the legitimate financial system.
Crypto laundering and global scam connection
Elliptic analysis of the blockchain indicates that Xinbi Guarantee handled more than $8.4 billion in USDT transactions since 2022.
During Q4 2024 alone, more than $1 billion landed in Xinbi’s account with a marked escalation in scam activity. Some of the proceeds come from North Korean hacking groups’ cyberattacks. In November 2024, nine transactions connected $220,000 of the WazirX exchange heist with Xinbi accounts.
The investigations tracked the stolen assets into laundering operations conducted by means of Xinbi Guarantee and its counterpart firm, Huione Guarantee. Both of these sites act as digital pipelines for stolen cryptocurrency within global crime networks.
Xinbi Guarantee claims operations through Xinbi, a company registered in Colorado in August 2022. The company’s registration status was changed to delinquent in January 2025, after failing to submit a required periodic report.
Elliptic continues to monitor over thirty similar Telegram-based markets and encourages financial platforms to block transactions linked to Xinbi and other scam-related vendors.
