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Telegram Shuts Down Xinbi Guarantee Amid $8.4 Billion Crypto Money Laundering Scandal
Telegram has taken decisive action against Xinbi Guarantee, a marketplace linked to crypto scams and money laundering activities, following revelations of its involvement in illicit transactions totaling $8.4 billion. The crackdown came after blockchain analytics firm Elliptic exposed the platform’s role in facilitating large-scale cybercrime.
Xinbi Guarantee: A Hub for Crypto Scams and Fraud
Xinbi Guarantee, operated by Colorado-based Xinbi Co. Ltd., primarily served fraudsters in Southeast Asia. The marketplace offered laundering services for proceeds from various online scams, including the notorious crypto “pig butchering” schemes. These scams involve fraudsters building trust with victims over time before convincing them to invest in fake cryptocurrency platforms.
Beyond laundering services, Xinbi Guarantee also facilitated the sale of illegal goods such as Starlink satellite equipment, counterfeit IDs, and stolen personal data. Tether (USDT) was the primary payment method for transactions on the platform, making it a favored choice for cybercriminals.
Elliptic’s Findings: A $1 Billion Quarterly Surge
Elliptic’s investigation revealed that Xinbi Guarantee received at least $8.4 billion in USDT transactions since 2022. The platform experienced rapid growth, with its user base increasing from 119,000 in August 2024 to 233,000 by May 2025. During this period, transaction volumes surged, with the marketplace surpassing $1 billion in inflows during Q4 2024 alone.
In addition to its role in crypto scams, Xinbi Guarantee was linked to the laundering of funds stolen by North Korean hackers. For example, after $235 million was stolen from an Indian cryptocurrency exchange, approximately $220,000 in USDT was funneled through Xinbi Guarantee addresses, according to Elliptic’s analysis.
Telegram’s Response to Illicit Activities
Following Elliptic’s findings, Telegram took swift action, shutting down thousands of channels associated with Xinbi Guarantee. The platform also targeted Huione Guarantee, another major illicit marketplace identified by Elliptic.
The move underscores Telegram’s ongoing efforts to combat the misuse of its infrastructure by cybercriminals. However, Elliptic’s research indicates that the problem is far-reaching, with over 30 similar marketplaces still operating on Telegram, leveraging stablecoins like USDT to facilitate crypto fraud and other illegal activities.
Key Takeaways for Crypto Enthusiasts
For those interested in cryptocurrencies and investing, this incident serves as a reminder to remain vigilant. Here are some tips to protect yourself from crypto scams:
- Verify Platforms: Always research and verify the legitimacy of any cryptocurrency platform before making investments.
- Be Skeptical: Avoid offers that promise unrealistic returns or pressure you to act quickly.
- Secure Your Wallet: Use reputable wallets and enable two-factor authentication to protect your funds.
- Educate Yourself: Stay informed about common scams and how they operate.
The rise of marketplaces like Xinbi Guarantee highlights the importance of robust oversight and awareness in the crypto space. As the industry evolves, staying informed and cautious is crucial for both investors and enthusiasts alike.
