Telegram-Based ’Xinbi Guarantee’ Crypto Laundering Network Facilitates $8.4B in Global USDT Fraud Linked to North Korean Hackers and Southeast Asian Scams

Blockchain analytics firm Elliptic has revealed that ’Xinbi Guarantee’, a Telegram-based black market and underground banking platform, has processed over $8.4 billion in USDT crypto transactions since 2022. The platform, ostensibly registered in Colorado but primarily serving Southeast Asian fraud syndicates, supports a wide array of criminal services, including money laundering, fake identification, stolen databases, Starlink devices, illicit surveillance, and even activities tied to forced labor and underage exploitation. Notably, Xinbi Guarantee has laundered funds from schemes such as ’pig-butchering’ romance scams and assets stolen by North Korean hacking groups, including those from the $235 million WazirX hack in July 2023. The market’s transaction volume exceeded $1 billion in Q4 2024, with its user base doubling in a year. Similar platforms like ’HuiOne Guarantee’ together form an extensive digital underground financial system centered around Tether (USDT) and stablecoins. Law enforcement has attempted to disrupt these networks, but their scale and sophistication continue to grow. Elliptic has identified over 30 such markets and urges exchanges and stablecoin issuers to remain vigilant, as the rise of crypto-fueled money laundering poses ongoing and increasing risks to the global crypto trading ecosystem.