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An $8.4 billion money launderer has been operating for years on US soil | Before crackdown, this was one of the 'Net's biggest markets for Chinese-speaking scammers.
Before crackdown, this was one of the ‘Net’s biggest markets for Chinese-speaking scammers.
According to new research released today by crypto-tracing firm Elliptic, a company called Xinbi Guarantee has since 2022 facilitated no less than $8.4 billion in transactions via its Telegram-based marketplace prior to Telegram’s actions in recent days to remove its accounts from the platform. Elliptic found through blockchain analysis, for instance, that about $220,000 stolen from the Indian cryptocurrency exchange WazirX—the victim of a$235 million theft in July 2024, widely attributed to North Korean hackers—had flowed into Xinbi Guarantee in a series of transactions in November. When WIRED wrote to Tether to ask about its role in those black markets, the company responded in a statement that it encourages “firms like Elliptic and other blockchain intelligence providers to share critical data with law enforcement so we can act swiftly and in coordination.”
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