Elliptic reports that Xinbi Guarantee, a Colorado-based company, is linked to an illicit Chinese marketplace that has facilitated scams in Southeast Asia, receiving $8.4 billion primarily in stablecoin transactions. Merchants on this Telegram-based platform sell various fraudulent services, including technology, personal data, and money laundering. Xinbi positions itself as an investment and capital guarantee group. In January 2025, it was labeled 'Delinquent' for failing to submit a periodic report. The marketplace has gained significant traction, with over $1 billion transacted in Q4 2024 and evidence suggesting connections to North Korean hackers. This platform operates on a 'guarantee model' requiring deposits from vendors to reduce fraud risk. Elliptic previously uncovered a related Telegram marketplace, Huione Guarantee, which facilitated over $98 billion in transactions, underscoring a broader underground banking network leveraging stablecoins for money laundering. The $8.4 billion figure is likely an underestimation of actual transactions, as Elliptic identified numerous crypto addresses associated with Xinbi Guarantee.

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