The article highlights how the underground industry of crypto investment scams correlates with a burgeoning secondary market for money laundering, particularly exemplified by Xinbi Guarantee on Telegram. This illicit platform, legally registered in the U.S., has allegedly facilitated over $8.4 billion in transactions since 2022, mainly for scammers. Beyond money laundering, it has connections to North Korean hackers, harassment-for-hire, and potential sex trafficking. Ellipticâs new research exposes the scale and diversity of these criminal operations, indicating a widespread problem within cryptocurrency and online marketplaces.
"Xinbi Guarantee has served as a giant, purportedly US-incorporated illicit online marketplace for online scams that primarily offers money laundering services," says Robinson.
"Money stolen from scam victims likely represents the 'vast majority' of that sum," explains Eliptic cofounder Tom Robinson, highlighting the scale of the illicit transactions.
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