Telegram Closes Thousands of Channels Linked to Chinese Crypto Crime
Telegram has closed numerous channels linked to suspected Chinese crypto-crime marketplaces following a report by Elliptic. Key points include:
- Closure linked to the Xinbi Guarantee marketplace, which processed over $8.4 billion in transactions using Tether's USDT since 2022.
- Xinbi facilitates money laundering and various illicit activities, including scams and trafficking.
- Elliptic is tracking about thirty similar marketplaces utilizing Telegram and stablecoin payments.
- Ximbi and Huione Guarantee are responsible for a combined total of $35 billion in illicit transactions.
- Huione Group was designated a primary money laundering concern by FinCEN, having laundered at least $4 billion between August 2021 and January 2025.
- Marketplaces like Xinbi enable large-scale scams in Southeast Asia, often involving trafficking victims who are forced into online scams.
- Ximbi vendors offer equipment used in scams and services for laundering proceeds from such activities.
- A portion of funds from recent crypto thefts appears to circulate through Xinbi, indicating its role in laundering stolen assets.
- Xinbi is incorporated in Colorado, providing a façade of legitimacy despite being primarily used by fraudsters in Asia.
- The company’s status was updated to delinquent for failing to file necessary reports as of January 2025.