Elliptic Report: The illegal trading platform Xinbi Guarantee registered in Colorado has processed $8.4 billion in metatransaction.

Blockchain security company Elliptic reports that Xinbi Guarantee, registered in Colorado, USA, is an illegal crypto market targeting Southeast Asian scammers, having processed $8.4 billion in transactions primarily for money laundering and "Pig-butchering scams" using USDT stablecoin. Xinbi provides money laundering services, technical equipment, and fake identification documents, boasting 233,000 users, with transaction volumes exceeding $1 billion in Q4 2024, and is linked to money laundering activities involving North Korean hackers. (Cointelegraph)

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