Colorado-Based Xinbi Linked to $8.4B Crypto-Driven Illicit Marketplace: Elliptic Report

A blockchain intelligence report has exposed a Colorado-registered company, Xinbi Co. Ltd, as the corporate front for a vast Chinese-language illicit marketplace called Xinbi Guarantee, which has funneled at least $8.4 billion in crypto—primarily Tether (USDT)—to support money laundering and large-scale scams across Southeast Asia.

According to blockchain security firm Elliptic, Xinbi Guarantee operates via Telegram and caters to criminal enterprises by offering services such as money laundering, stolen personal data, fake identity documents, and even hardware like Starlink equipment used by scammers. The marketplace serves perpetrators of so-called “pig butchering” scams—elaborate online fraud schemes that manipulate victims into investing in fake crypto platforms.

Screenshots showing Xinbi Co. Ltd’s incorporation in the US state of Colorado. Source: Elliptic 

Despite being incorporated in Colorado in 2022, Xinbi Co. Ltd. was designated “Delinquent” in January 2025 by state authorities for failing to submit its required filings, Elliptic reported.

The platform has seen explosive growth, with over $1 billion in transactions during Q4 2024 alone, and is now ranked as the second-largest illicit crypto marketplace after Huione Guarantee, another Chinese-operated Telegram-based platform previously exposed by Elliptic.

Elliptic’s investigation uncovered thousands of cryptocurrency wallet addresses linked to Xinbi Guarantee and its vendors. However, researchers warned that the reported $8.4 billion is likely an underestimate of the platform’s real transaction volume.

The Xinbi Guarantee marketplace, which boasts over 233,000 users, runs on a “guarantee model,” requiring vendor deposits to reduce fraud. This structure has enabled it to establish trust among criminal actors while remaining hidden in plain sight.

Elliptic also cited evidence of North Korean hacker involvement, suggesting Xinbi has played a role in laundering crypto stolen through cyberattacks—further deepening concerns about its global security implications.

Illicit marketplace crypto transaction volumes. Source: Elliptic

This revelation follows the July 2024 exposure of Huione Guarantee, where Elliptic found the broader Huione Group had facilitated over $98 billion in illicit crypto transactions. In May 2025, the U.S. Treasury officially designated Huione as a major money-laundering network, severing its access to the American financial system.

Elliptic concluded that both Xinbi and Huione reflect a larger China-based underground financial infrastructure, increasingly powered by stablecoins like USDT. These networks are now a critical component of transnational cybercrime and financial fraud operations.

As regulatory scrutiny of stablecoin use intensifies, the Xinbi case underscores the growing need for international cooperation and stronger crypto compliance frameworks to dismantle such digital black markets.