Telegram-Based 'Xinbi Guarantee' Crypto Laundering Network Don Help Pipu Launda $8.4B For Global USDT Fraud Wey Dey Link To North Korean Hackers And South East Asia Scams.
Blockchain analytics company Elliptic don tok say 'Xinbi Guarantee', wey be black market and kain underground bank system wey dem dey use Telegram do, don do over $8.4 billion USDT crypto transactions since 2022. Dem say di platform registered for Colorado, but na mainly Southeast Asia fraud people dem dey serve. E dey support all kinds of bad bad business like washing money, making fake ID, selling tori dem thief from people computer, Starlink gadgets, watching people for corner illegally, and even tinz wey relate to force work and using small small children for bad tinz. Tori be say, Xinbi Guarantee don wash money wey come from 'pig-butchering' romance scams and money wey North Korean hackers thief, including di $235 million dem thief from WazirX for July 2023. Di amount of trade for dis market pass $1 billion for Q4 2024, and di number of people wey dey use am double for one year. Other platforms like 'HuiOne Guarantee' join body to form one big underground money system wey Tether (USDT) and stablecoins be like di main thing dem dey use. Police don try to stop dis network dem, but dem just dey grow bigger and more smart. Elliptic don see over 30 of dis kain market and dem tell exchange people and stablecoin companies make dem open eye well well, because as people dey use crypto wash money, e dey put danger for di whole crypto trading world, and di danger just dey increase.
Bearish
Di plenty way wey dem dey use USDT and other stablecoins do big big bad business, as 'Xinbi Guarantee' and dem like show, e get plenty kasala for how people go trust these crypto-assets and how government go control dem. Any time dem dey do money laundering like this, e fit make law enforcement and government regulators look for palava with exchanges and people wey dey make stablecoins. This one go fit slow down how easy e be to buy and sell, make compliancy cost plenty, and stop new stablecoins from coming out or people from trading dem. For small time, this news fit make dem check things well well, make users fear, and reduce trust, e fit even make price go down or make people no trade USDT plenty again. For long time, if bad news about crypto and money laundering no stop, e fit make government dey watch plenty and put more rules, wey fit affect how plenty people go use stablecoins like USDT and how dem go cost.