TRM: Xinbi-Linked Wallets Routed $17.9B On-Chain as Platform Migrated to XinbiPay
TRM Labs found wallets linked to Xinbi, a Chinese-language crypto guarantee marketplace, moved about $17.9 billion on-chain (incoming, outgoing and internal transfers). After Telegram removed many Chinese guarantee groups in 2025, Xinbi migrated users to alternative messaging platforms and launched a native wallet, XinbiPay, which enabled more internal circulation and complicated traceability. On-chain activity for XinbiPay rose in early 2026 following a brief slowdown in late 2025. TRM alleges Xinbi has been used as a conduit for laundering by scam networks and cybercrime groups (including pig-butchering schemes) but notes the $17.9 billion figure is total on-chain volume, not confirmed criminal profit. For traders: the disclosure highlights sustained on-chain flows tied to guarantee marketplaces, growing use of native wallets (XinbiPay), and increased regulatory and law-enforcement scrutiny — factors that could affect market sentiment, increase compliance risk for counterparties, and prompt targeted enforcement actions that may create short-term volatility in related token markets.
Neutral
The news signals elevated regulatory and enforcement risk around Chinese-language guarantee marketplaces and shows substantial on-chain volume tied to Xinbi and its XinbiPay wallet. For price impact on any specific cryptocurrency mentioned (none directly named), the effect is likely neutral overall: the report may cause short-term negative sentiment or volatility if exchanges, on-chain service providers, or counterparties delist or restrict addresses tied to these services, but it does not directly implicate a major protocol or native token whose fundamentals would be affected. Traders may see increased short-term risk premiums and reduced liquidity for addresses or services linked to guarantee marketplaces; longer-term market structure impact depends on enforcement outcomes and whether similar marketplaces can be shut down or compelled to adopt KYC. Therefore, expect episodic volatility and heightened compliance attention rather than a sustained directional move in major crypto markets.