Xinbi Guarantee, operated by Xinbi Co. Ltd., has been linked to $8.4 billion in illegal transactions predominantly using USDT, according to Elliptic.
$8.4 Billion Linked to Xinbi's Illegal Operations
Xinbi Guarantee is alleged to have facilitated a remarkable $8.4 billion in illegal activities. The platform is actively used in Southeast Asia primarily through Telegram channels. According to Elliptic Blockchain Security Reports, Xinbi Guarantee is ranked as the second largest illicit online marketplace ever, behind only the defunct Hydra.
Second Largest Illicit Crypto Market
The U.S.-registered entity being linked to illicit funds highlights regulatory challenges. Its activities predominantly involve money laundering under the guise of financial services. This makes Xinbi Guarantee the second-largest illicit crypto market globally, implicating major cryptocurrencies, mainly revolving around USDT transactions.
Unregulated Crypto Markets Persist
Similar to infamous platforms like Hydra, Xinbi Guarantee's model shares historic parallels in scale and function, though its USDT-centric operations make it unique. Experts indicate that the ongoing absence of formal regulation facilitates such platforms. Historically, large-scale crypto markets have faced shutdowns, yet re-emergencies often follow.
The information regarding Xinbi Guarantee's illegal activities underscores the need for increased scrutiny of regulatory frameworks within cryptocurrency markets and the identification of money laundering schemes.
