Elliptic reports that Xinbi Guarantee has received $8.4 billion, primarily in stablecoin transactions, to facilitate money laundering and scamming in Southeast Asia.
A Colorado-incorporated firm has been linked to a Chinese illicit marketplace that has served scammers in Southeast Asia and has been used to channel billions of dollars worth of crypto.
The marketplace, called Xinbi Guarantee, has received $8.4 billion, primarily in Tether (USDT) stablecoin transactions to date, blockchain security firm Elliptic reported on May 13.
Merchants on the Chinese-language, Telegram-based illicit marketplace sell technology, personal data, and money laundering services to Southeast Asian scammers who target victims using pig butchering scams.
Read more