Illicit $8B crypto market Xinbi incorporated in Colorado: Elliptic
A Colorado-incorporated firm has been linked to a Chinese illicit marketplace that has served scammers in Southeast Asia and has been used to channel billions of dollars worth of crypto.
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. Ltd, a Colorado-incorporated…
