Colorado Firm Linked to $8.4 Billion Crypto Crime Network

A company registered in Colorado, Xinbi Co. Ltd., has been tied to a massive illegal online platform called Xinbi Guarantee. This platform, which operates in Chinese on Telegram, has been helping scammers across Southeast Asia carry out crimes like money laundering, selling fake IDs, and trading stolen personal information.

Xinbi Guarantee claims to be an “investment and capital guarantee group,” but experts say it’s actually the second-largest illegal crypto marketplace ever discovered. The platform has processed about $8.4 billion in cryptocurrency, mostly using Tether (USDT)—a type of digital money often used to hide transactions.

The company behind it was set up in Colorado in 2022. But in January 2025, it was marked “Delinquent” because it failed to file the required documents with the state.

The online platform has 233,000 users, and sellers must pay a deposit to join—likely to give the site a false sense of security. Many of these sellers offer illegal services, from laundering money to providing tech like Starlink devices, which are used in online scams known as “pig butchering.” These scams trick victims—often through fake online relationships—into handing over large sums of money.

Crypto research firm Elliptic uncovered thousands of accounts linked to Xinbi. They also believe the real amount of money moved through the platform is likely even higher than reported. In the last three months of 2024 alone, the site handled over $1 billion.

Disturbingly, evidence suggests that North Korean hackers have used Xinbi Guarantee to hide stolen money. This raises major security concerns worldwide.

Xinbi Guarantee is second only to another illegal Chinese platform called Huione Guarantee, which processed a staggering $98 billion in crypto before it was shut down by the U.S. Treasury in May 2025.

Both platforms reveal how criminals are using cryptocurrencies like stablecoins to build a hidden financial system that’s hard to trace. Governments around the world are now scrambling to fight back against this rising wave of crypto-related crime.