Xinbi Guarantee has facilitated $8.4 billion in stablecoin transactions, primarily using Tether (USDT). Its activities primarily support scams in Southeast Asia, with the platform growing rapidly.
Merchants on Xinbi sell technologies and personal data to scammers. Their illicit services include money laundering, enabling a ‘guarantee model’ requiring vendor deposits.
In Q4 2024, Xinbi processed over $1 billion in transactions. Elliptic highlights that many crypto addresses connected with Xinbi likely indicate an underreported transaction volume.
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