Elliptic Exposes $8.4B USDT-Powered Telegram Cybercrime Hub

Blockchain analytics firm Elliptic has revealed a massive USDT-powered criminal marketplace operated through Telegram, dubbed Xinbi Guarantee, linked to significant cybercrime and money laundering activities. The investigation by Elliptic focused on the Colorado-based company, Xinbi Co. Ltd., responsible for the platform’s operation. This exposé uncovered over $8.4 billion in illicit transactions linked to Xinbi Guarantee since 2022. The platform has been instrumental in facilitating various online scams and money laundering activities, including infamous crypto ‘pig butchering’ schemes targeting victims worldwide.