Crypto Crime Carnival: Telegram’s Wild Ride with Xinbi and Huione Guarantees
Xinbi Guarantee has turned Telegram into a one-stop-shop for crypto crime, from money laundering to sex trafficking. Despite being legally registered in Colorado, its offerings read like a villain’s shopping list. With Telegram cracking down and Tether on alert, it’s a wild game of whack-a-mole in the underground crypto crime world.
Hot Take:
***Crypto crimes: the Wild West of the digital world, where scammers don’t just tip their hats to the law, they twirl their mustaches and ride off into the sunset with billions. Welcome to Xinbi Guarantee, the world’s most shady bazaar, where you can launder money, buy a 14-year-old, or even hire a team of AIDS patients to intimidate your enemies—all before breakfast.***
Key Points:
– Xinbi Guarantee, a Chinese-language service on Telegram, has been involved in $8.4 billion worth of transactions, mainly from crypto scams.
– The marketplace offers a smorgasbord of criminal services, from money laundering for North Korean hackers to sex trafficking.
– Despite being registered in Colorado, Xinbi Guarantee has been a hotspot for illicit activities, with Telegram recently banning its channels.
– Elliptic’s research highlights the thriving underground Chinese banking network that Xinbi Guarantee is part of.
– Tether and Telegram are now in a game of whack-a-mole with these crypto criminals, as they attempt to dismantle their operations.