Online marketplace Xinbi implicated in $8.4B crypto laundering: Elliptic

Xinbi Guarantee, an online marketplace registered in Colorado, has been implicated in $8.4 billion worth of crypto laundering (primarily in USDT), Cointelegraph reported, citing a report by blockchain security firm Elliptic. Xinbi is found to be associated with a Telegram-based Chinese illegal marketplace that offers technology, personal data and money laundering services to scammers in Southeast Asia. These fraudsters target victims through pig butchering scams. Moreover, some have been proved to be linked to North Korean hacker groups.