A Colorado-based firm, Xinbi Guarantee, has been exposed for processing $8.4 billion in illicit cryptocurrency transactions through Tether (USDT), prompting major disruptions to illegal markets on Telegram. This revelation comes from Elliptic research which contributed to the closure of thousands of related Telegram channels in Q4 2024. Xinbi’s activities were identified as facilitating money laundering, impacting both platforms and users. While regulatory reactions are limited at present, with authorities focusing on Xinbi’s non-compliance status, concerns about stablecoins like USDT used in illicit trade have been heightened. Telegram shutdowns directly targeted the two largest marketplaces operating within its platform, highlighting a growing effort to combat crypto misuse. This incident underscores the challenges in regulating cryptocurrency markets and emphasizes the need for international cooperation and improved blockchain tracking methods to mitigate illicit activities effectively.