Xinbi Guarantee, a Chinese crypto service, has been revealed as a significant player in various criminal activities, including money laundering, hacking, and sex trafficking. Operating primarily through Telegram, Xinbi has funneled approximately $8.4 billion, predominantly using Tether stablecoins. Its activities included online scams like 'pig butchering' and selling illicit goods like Starlink devices. Following a report by Elliptic, Telegram began removing related accounts. Xinbi was registered in Colorado, and its operations have raised alarms about the use of crypto in global crime networks.
Jacobs' analysis highlights the staggering scale of Xinbi Guarantee's operations, revealing an intricate ecosystem of illicit activities funder by over $8.4 billion in crypto transactions.
Elliptic's findings underline the disturbing reality of how Telegram has become a platform for criminals, facilitating everything from financial scams to human trafficking.
Collection
[
|
...
]