Illicit Crypto Market Xinbi Channels Billions for Scammers

A Colorado-based company linked to a massive Chinese illicit marketplace has facilitated billions of dollars in cryptocurrency transactions, serving as a hub for scammers targeting victims across Southeast Asia. The platform, Xinbi Guarantee, reportedly received $8.4 billion in Tether (USDT) stablecoin transfers, according to blockchain security firm Elliptic, highlighting the scale and sophistication of this criminal network.