Xinbi Telegram Market Tied to $8.4B in Crypto Crime, Romance Scams, North Korea Laundering
May 14, 2025
Cybercrime / Cryptocurrency
A Chinese-language, Telegram-based marketplace called Xinbi Guarantee has facilitated no less than $8.4 billion in transactions since 2022, making it the second major black market to be exposed after HuiOne Guarantee . According to a report published by blockchain analytics firm Elliptic, merchants on the marketplace have been found to peddle technology, personal data, and money laundering services. "The USDT stablecoin is the primary payment method, with the market having received $8.4 billion in transactions to date," the company said . "Some transactions can be linked to funds stolen by North Korea." Xinbi, like HuiOne, has offered its services to scammers in Southeast Asia, including those responsible for so-called romance baiting schemes (formerly referred to as "pig butchering"), which has become one of the most lucrative forms of cybercrime in recent years. What's notable about these criminal bazaars is that they are entirely run on Tele...