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Xinbi #Scam Marketplace Processes $8.4B in #CryptoLaundering Scheme
A Colorado-incorporated firm has been linked to an $8.4 billion illicit Chinese marketplace serving scammers across Southeast Asia, #blockchain security firm Elliptic reports.
The marketplace, Xinbi Guarantee, has processed billions, primarily in 
$USDT transactions, while selling technology, personal data, and #moneylaundering services to scammers.
With 233,000 users, Xinbi is now the second-largest illicit online crypto marketplace, seeing over $1 billion in transactions during Q4 2024 alone.
Xinbi operates on a "guarantee model" requiring vendor deposits to prevent fraud while offering key services including fake IDs, stolen personal data, and Starlink equipment for facilitating scam operations.
Evidence links the platform to North Korean #hackers laundering stolen funds, according to researchers who identified thousands of crypto addresses.
