According to a report by Elliptic, Xinbi Guarantee, a Colorado-incorporated firm, has been linked to a large-scale illicit crypto marketplace that primarily facilitates money laundering and scams in Southeast Asia. This marketplace has reportedly processed $8.4 billion, largely through stablecoin transactions like Tether. Merchants on Xinbi sell a variety of illegal services, including technology, personal data, and money laundering services targeting victims. Xinbi claims to operate as an investment and capital guarantee group but was marked 'Delinquent' in January 2025 for failing to file necessary reports. It is identified as the second-largest illicit online marketplace, with significant ties to North Korean hackers who launder stolen cryptographic funds. With a user base of 233,000, the platform has been noted for its rapid growth, with over $1 billion in transactions occurring in Q4 of 2024 alone. Elliptic suggests the actual transaction volume could be much higher than reported due to the nature of these activities, presenting a substantial underground banking system based on stablecoins.

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