Q4 2024 saw over $1 billion transacted, and evidence links the platform to North Korean hackers laundering stolen funds, the Elliptic researchers said. Related: Largest ‘illicit online marketplace’ has grown 51% in 6 months: EllipticElliptic identified thousands of crypto addresses used by Xinbi Guarantee and the merchants on it, and stated that the $8.4 billion in transactions “should be considered as lower bounds of the true volume of transactions on the platform.”The platform, which has 233,000 users, operates on a “guarantee model,” requiring vendor deposits to prevent fraud. Second to Huione GuaranteeIn July 2024, Elliptic exposed a similar Telegram-based Chinese marketplace known as Huione Guarantee.
The marketplace, called Xinbi Guarantee, has received $8.4 billion, primarily in Tether (USDT) stablecoin transactions to date, blockchain security firm Elliptic reported on May 13. Merchants on the Chinese-language, Telegram-based illicit marketplace sell technology, personal data, and money laundering services to Southeast Asian scammers who target victims using pig butchering scams. On its website, Xinbi describes itself as an “investment and capital guarantee group company” and claims to operate through Xinbi Co.
Key services offered on the black marketplace are money laundering services, which are the largest category, as well as technology such as Starlink equipment for scammers, stolen personal data for targeting victims and fake IDs and other fraudulent documents.
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Author / Journalist: Cointelegraph by Martin Young
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