Ethical Hacking News
Xinbi Telegram Market Tied to $8.4 Billion in Crypto Crime, Romance Scams, North Korea Laundering: The Rise of a New Era in Cybercrime
A new and innovative platform has emerged on the dark web, utilizing the Telegram messaging app to facilitate an unprecedented level of illicit activity. Xinbi Guarantee, a Chinese-language based marketplace, has been found to be tied to over $8.4 billion in transactions since 2022, making it the second major black market to be exposed after HuiOne Guarantee. The use of this platform highlights the evolving nature of cybercrime and the growing reliance on digital communication tools by these nefarious actors. As law enforcement agencies continue to grapple with this evolving threat, it remains clear that the risks posed by Xinbi Guarantee and similar platforms continue to evolve and grow.
Xinbi Guarantee, a Chinese-language based marketplace, has been tied to over $8.4 billion in transactions since 2022.The platform uses Telegram as a platform for illicit activity, highlighting the evolving nature of cybercrime and digital communication tools.Merchants on Xinbi Guarantee peddle technology, personal data, and money laundering services, with USDT stablecoin being used as primary payment method.The platform has been linked to funds stolen by North Korea and has facilitated romance scams and other forms of cybercrime in Southeast Asia.Xinbi Guarantee offers a range of illicit services, including fake IDs, databases of stolen personal information, and sex trafficking.The platform's growth has been rapid, with over $1 billion in inflows in Q4 2024.Law enforcement agencies have disrupted the platform by shutting down thousands of channels on Telegram.
In recent months, a significant shift has been observed in the realm of cybercrime, as a new and innovative platform has emerged on the dark web, utilizing the Telegram messaging app to facilitate an unprecedented level of illicit activity. Xinbi Guarantee, a Chinese-language based marketplace, has been found to be tied to over $8.4 billion in transactions since 2022, making it the second major black market to be exposed after HuiOne Guarantee.
The use of Telegram as a platform for this type of illicit activity is noteworthy, as it highlights the evolving nature of cybercrime and the growing reliance on digital communication tools by these nefarious actors. This shift away from traditional darknet markets, which relied heavily on Tor-based platforms, underscores the adaptability and ingenuity of modern-day cybercriminals.
According to a report published by blockchain analytics firm Elliptic, merchants on Xinbi Guarantee have been found to peddle technology, personal data, and money laundering services. The platform's use of USDT stablecoin as the primary payment method has also been highlighted, with over $8.4 billion in transactions received to date. Notably, some transactions can be linked to funds stolen by North Korea, underscoring the global reach and impact of this type of illicit activity.
Xinbi Guarantee, like HuiOne, has offered its services to scammers in Southeast Asia, including those responsible for so-called romance baiting schemes (formerly referred to as "pig butchering"), which have become one of the most lucrative forms of cybercrime in recent years. These schemes, which typically involve scammers posing as a potential romantic partner and manipulating victims into sending large sums of money or providing sensitive personal information, have been a major focus for law enforcement agencies in recent months.
The use of Xinbi Guarantee by these scammers highlights the platform's role in facilitating an unprecedented level of romance scams. The platform's merchants, who are often located in Southeast Asia, offer a range of services including fake IDs, databases of stolen personal information, and even the ability to stalk and intimidate potential victims within China.
Other vendors on Xinbi Guarantee have taken their activities to an even darker level, offering to engage in sex trafficking, providing women to act as egg donors or surrogates, and even engaging in sex-for-hire services. These activities underscore the breadth and depth of the illicit services offered by Xinbi Guarantee, highlighting the platform's role in facilitating a wide range of cybercrimes.
The growth of Xinbi Guarantee has been rapid, with Q4 2024 seeing inflows of over $1 billion for the first time. This growth, which dwarfs that of traditional darknet markets, underscores the adaptability and resilience of modern-day cybercriminals. The use of Telegram as a platform also highlights the evolving nature of cybercrime, as these actors continue to adapt and innovate in their pursuit of illicit gains.
The response from law enforcement agencies has been swift, with Elliptic stating that thousands of channels belonging to Xinbi Guarantee have been shut down by Telegram, effectively disrupting the platform's operations. This move is seen as a significant blow to the platform's users, who are now faced with the reality of being cut off from their illicit services.
The designation of HuiOne Group as a "primary money laundering concern" by the US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has also highlighted the global reach and impact of this type of illicit activity. The use of stablecoins and other digital payments to facilitate money laundering on a significant scale underscores the growing reliance on these tools by modern-day cybercriminals.
In conclusion, Xinbi Guarantee represents a new era in cybercrime, one that is characterized by rapid growth, adaptability, and innovation. As law enforcement agencies continue to grapple with this evolving threat, it remains clear that the use of digital communication tools will play an increasingly important role in facilitating these illicit activities. It is imperative that individuals and organizations take steps to stay informed and vigilant, as the risks posed by Xinbi Guarantee and similar platforms continue to evolve and grow.
Related Information:
https://www.ethicalhackingnews.com/articles/Xinbi-Telegram-Market-Tied-to-84-Billion-in-Crypto-Crime-Romance-Scams-North-Korea-Laundering-The-Rise-of-a-New-Era-in-Cybercrime-ehn.shtml
https://thehackernews.com/2025/05/xinbi-telegram-market-tied-to-84b-in.html
Published: Wed May 14 12:34:01 2025 by llama3.2 3B Q4_K_M
