Telegram Money Laundering Network “New Currency Guarantee”: A Cryptocurrency Money Laundering Black Market Involving Over $8.4 Billion in Fraudulent Activities
Elliptic’s Latest Investigation Reveals Telegram Trading Community Engaged in Fraud and Money Laundering
According to a recent investigation released by blockchain analysis firm Elliptic, a Telegram trading community named “Xinbi Guarantee” is allegedly using its registration in Colorado, USA, as a cover to facilitate large-scale fraud tools and money laundering services in Southeast Asia. The platform primarily uses Telegram for communication and has received over $8.4 billion in crypto funding in the form of USDT to date, with some funds traceable to North Korean hacking activities and “pig butchering” scams. As Telegram has recently shut down thousands of related channels, only the tip of this underground economy’s iceberg has begun to emerge.
Telegram’s New Black Market Darling: Xinbi Guarantee and Huibang Guarantee Run Rampant in the Fraud Industry
After the exit of early dark web markets like Silk Road and AlphaBay, Telegram is quickly replacing the Tor browser as the new generation of illegal trading platform. Another Telegram market previously revealed by Elliptic, “Huibang Guarantee,” has a total trading volume of $27 billion, while the newly exposed “Xinbi Guarantee” is not far behind, with its user base surging from 119,000 in August 2024 to 233,000 now. Both platforms operate in Chinese and primarily use USDT as their payment method, specifically targeting Southeast Asian fraud groups.
Black Market Goods Classified: From Fake IDs to Various Services
Merchants within Xinbi Guarantee are categorized into nine major types, four of which specifically handle money laundering services, openly listing the sources of funds they can process, such as “pig butchering” and various chat scams (e.g., “intimate chat,” “slow kill,” “fast kill”). Other items for sale include Starlink satellite internet equipment (often used by scam farms for external communication), fake documents, stolen personal data databases, and even services related to surrogate motherhood and illegal surveillance. Some services even extend to forced labor and child sexual exploitation, with victims as young as 14 years old.
Elliptic Tracks Wallets: Monitoring $8.4 Billion in USDT Transactions
According to Elliptic’s analysis, the platform and its merchants’ crypto wallets have accumulated over $8.4 billion in USDT since 2022. Notably, in the fourth quarter of 2024, the platform saw its first quarter inflow exceed $1 billion, indicating a staggering growth rate. These transaction volumes have already surpassed those of the dark web era’s Silk Road, making Xinbi Guarantee the second-largest illegal crypto market in history, just behind Huibang Guarantee.
“Registered in the US” as a Deceptive Tactic: The Truth Behind the Colorado Company
Surprisingly, this transnational illegal market is registered in the United States. According to records, Xinbi Co., Ltd. was established in August 2022 in Colorado, with its registered office located in Aurora. However, as of January 2025, the company was marked as “overdue” by the state government for failing to submit reports. Nevertheless, this layer of legitimate company façade undoubtedly enhances its cover in the international flow of funds.
Northeast Korean Hacking Funds Laundered via Xinbi Guarantee
Elliptic also discovered that some of the stolen funds from North Korean hacking operations have flowed into Xinbi Guarantee. In July 2024, Indian exchange WazirX was hacked, resulting in a loss of $235 million, which Elliptic believes is linked to North Korea. The investigation shows that after passing through decentralized exchanges and cross-chain bridges, $220,000 in USDT was traced to addresses associated with Xinbi Guarantee, divided into nine transactions, indicating that the platform’s merchants are suspected of providing money laundering services for the hacker organization.
The Underground Banking Network Behind Xinbi Guarantee
Huibang and Xinbi Guarantee not only serve as breeding grounds for scams but also reveal a Chinese underground banking system based on stablecoins and digital payments. These platforms provide a complete ecosystem for the global fraud industry, encompassing everything from personal data to capital flow. Elliptic is currently tracking over 30 similar platforms and is calling on exchanges and stablecoin issuers to enhance wallet monitoring to disrupt this flow of funds.
The Xinbi Guarantee incident showcases how digital financial tools are manipulated by criminals to create a transnational fraud empire. In the face of such underground economic networks, mere platform regulation may not be sufficient.
(United Nations | Southeast Asia Becomes a Fraud Factory Hub, Taiwan Gang’s Role Exposed: Global Virtual Currency Money Laundering Reaches $24 Billion)
Risk Warning
Investing in cryptocurrencies is highly risky, and prices may fluctuate dramatically, resulting in the potential loss of your entire principal. Please assess the risks carefully.
