An $8.4 Billion Chinese Hub for Crypto Crime Is Incorporated in Colorado
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Summary
Xinbi Guarantee is a criminal marketplace on Telegram that has facilitated $8.4bn worth of transactions, mostly related to crypto investment scams, according to research by Elliptic.
The marketplace has offered services including money laundering for North Korean hackers, stolen data, and targeted harassment, as well as what appears to be sex trafficking.
It is incorporated in Colorado, US, although the company does not appear to have a physical address.
It is similar to another marketplace, Huione Guarantee, which was incorporated in Cambodia but was banned by Telegram in February and by the US Treasury as a primary money laundering concern.
Both markets are mostly paid for in Tether, a cryptocurrency that can be frozen if it identifies bad actors.
Xinbi Guarantee was banned by Telegram on 16 January.
