Telegram Takes Action Against Crypto Crime Market ‘Xinbi Guarantee’

The messaging platform Telegram has shut down thousands of channels linked to the ‘Xinbi Guarantee’ crypto crime market, according to PANews. This platform, established in 2022, reportedly facilitated over $8.4 billion in suspicious transactions using Tether USDT for activities such as money laundering, fraud, and extortion. Xinbi Guarantee is registered in Colorado, USA, and is considered one of the largest illicit crypto marketplaces operating on Telegram alongside Huione Group, which the U.S. Treasury Department has identified as a significant player in money laundering operations.