{"id":26767,"date":"2025-05-14T15:02:04","date_gmt":"2025-05-14T15:02:04","guid":{"rendered":"https:\/\/dogewisperer.com\/telegram-cracks-down-on-suspected-8b-chinese-crypto-crime-marketplace-set-up-in-colorado\/"},"modified":"2025-05-14T15:02:04","modified_gmt":"2025-05-14T15:02:04","slug":"telegram-cracks-down-on-suspected-8b-chinese-crypto-crime-marketplace-set-up-in-colorado","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=26767","title":{"rendered":"Telegram Cracks Down on Suspected $8B Chinese Crypto Crime Marketplace Set Up in Colorado"},"content":{"rendered":"
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Messaging app Telegram has closed thousands of channels belonging to suspected Chinese crypto-crime marketplaces after new research shed light on the situation, according to Elliptic.<\/p>\n

The closure follows a report<\/a> published by the blockchain analytics firm on Tuesday into the fast-growing Telegram-based marketplace called Xinbi Guarantee.<\/p>\n

The Colorado-incorporated marketplace has processed over $8.4 billion worth of transactions using Tether\u2019s USDT stablecoin since 2022. It facilitates services relating to money laundering, operating crypto scam compounds and other illicit services, such as intimidation and sex trafficking, according to Elliptic.<\/p>\n

\u201cElliptic is tracking around thirty other such marketplaces, all leveraging Telegram and stablecoin payments,\u201d the report said.<\/p>\n

Telegram did not immediately respond to a request for comment.<\/p>\n

Such marketplaces are a key part of the Southeast Asia-based global cyberscam epidemic by providing scammers with the tools needed to conduct fraud on an industrial scale.<\/p>\n

One of the biggest such marketplaces is Huione Guarantee, according to Chainalysis<\/a>, facilitates similar services to Xinbi. The firm behind it, Huione Group, has ties<\/a> to Cambodia\u2019s ruling family.<\/p>\n

Xinbi and Huione, the two largest Telegram-based marketplaces, are responsible for a combined $35 billion in illicit transactions, Elliptic said.<\/p>\n

On May 1, the U.S. Treasury\u2019s Financial Crimes Enforcement Network (FinCEN) designated<\/a> Huione Group a \u201cprimary money laundering concern,\u201d saying it helped launder at least $4 billion worth of illicit proceeds between August 2021 and January 2025.<\/p>\n

Cyberscam epidemic<\/h2>\n

Services offered on marketplaces like Xinbi and Huione are infamous for enabling industrial-scale scam compounds across Southeast Asia.<\/p>\n

These compounds attract victims with the promise of well-paid IT work. When they arrive they are trafficked, imprisoned and forced<\/a> to carry out online pig butchering scams<\/a> to pay off phony debts.<\/p>\n

Xinbi vendors offer Starlink satellite internet equipment, which is often used by scam compounds, fake IDs and databases of stolen personal information used to target potential fraud victims, Elliptic said.<\/p>\n

Another big driver of business is money laundering services, according to the report. Such services are mostly used to launder the proceeds of pig butchering scams, but funds from North Korean<\/a> crypto heists are also in the mix.<\/p>\n

Elliptic found about $220,000 in USDT originating from the $230 million WazirX theft<\/a> in July was sent to Xinbi, indicating that vendors operating on the marketplace were employed to help launder proceeds of the heist.<\/p>\n

It\u2019s not clear whether North Korean IT workers are interacting with Xinbi vendors directly, though.<\/p>\n

\u201cOur hypothesis is that the funds are under the control of Chinese money laundering groups by the time they enter marketplaces such as Xinbi,\u201d Tom Robinson, chief scientist and co-founder at Elliptic, told CoinDesk over email.<\/p>\n

Colorado connection<\/h2>\n

What sets Xinbi apart from other similar marketplaces, however, is its connection to the U.S.<\/p>\n

On its website, Xinbi describes itself as an \u201cinvestment and capital guarantee group company\u201d operating as a Colorado-based corporation, Elliptic said.<\/p>\n

The Colorado corporate register shows a company called \u201cXinbi Co., Ltd\u201d was incorporated in August 2022, with an office in Aurora, Colorado even though the Chinese-language marketplace is primarily used by fraudsters in Asia.<\/p>\n

\u201cThese marketplaces depend on trust,\u201d Robinson said. \u201cA U.S. incorporation does bring some level of legitimacy.\u201d<\/p>\n

Robinson also noted that similar marketplaces have previously conducted exit scams, where a business stops shipping orders while still receiving payments, eventually walking away with the money. \u201cAnything that inspires confidence will help attract customers,\u201d he said.<\/p>\n

In January 2025, the company\u2019s status was updated<\/a> to delinquent for failing to file a periodic report.<\/p>\n

Read more: Cambodian Huione Group Received $98B in Crypto Leading to U.S. Crackdown: Elliptic<\/a><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Messaging app Telegram has closed thousands of channels belonging to suspected Chinese crypto-crime marketplaces after new research shed light on the situation, according to Elliptic. The closure follows a report published by the blockchain analytics firm on Tuesday into the fast-growing Telegram-based marketplace called Xinbi Guarantee. The Colorado-incorporated marketplace has processed over $8.4 billion worth […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-26767","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/26767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26767"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/26767\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}