Xinbi Marketplace
Summary
Xinbi Marketplace (also known as Xinbi Guarantee) is a Chinese-language, Telegram-based illicit crypto marketplace that has processed an estimated $24.2 billion in total transaction volume since 2022, making it one of the largest known illicit online marketplaces ever tracked. Operating as an informal escrow provider and vendor platform primarily serving pig-butchering scam networks in Southeast Asia, it was sanctioned by the UK Foreign, Commonwealth and Development Office on 26 March 2026 — the first country-level sanction against the platform — under the Global Human Rights sanctions regime. The operator is formally incorporated as 'Xinbi Co., Ltd' in Colorado, USA, though its actual operations are believed to be based in the Golden Triangle region of Southeast Asia.
Connected Entities
1 entities · 10 linked investigations- + 2 more
Timeline(12 events)
2022-08-01
Xinbi Co., Ltd incorporated in Aurora, Colorado; Xinbi Guarantee marketplace begins operating as a Chinese-language Telegram-based escrow and vendor platform.
Elliptic research / Colorado corporate registry2024-07-18
Indian cryptocurrency exchange WazirX suffers a $235 million hack attributed to North Korea-linked actors (Lazarus Group).
Elliptic2024-11-12
Approximately $220,000 in USDT traced from the WazirX hack flows to Xinbi merchant addresses across nine transactions, according to Elliptic blockchain analysis.
Elliptic2025-01-01
Colorado corporate registry updates Xinbi Co., Ltd status to 'Delinquent' for failure to file required periodic reports.
Elliptic / Colorado corporate registry2025-05-12
Telegram shuts down thousands of Xinbi Guarantee channels following a FinCEN Section 311 finding targeting Chinese-language escrow services. Xinbi subsequently returns to Telegram using same usernames and channels.
TRM Labs2025-05-14
Elliptic publishes research identifying Xinbi as an $8.4 billion illicit marketplace incorporated in Colorado, with connections to pig-butchering scam networks and North Korean hackers.
Elliptic / CoinDesk2025-06-01
Xinbi begins promoting SafeW (proprietary messaging app) and XinbiPay/NewPay (no-KYC USDT wallet) as alternative infrastructure following Telegram enforcement.
TRM Labs2025-10-01
US DOJ indicts Prince Group chairman Chen Zhi on wire fraud conspiracy and money laundering charges in connection with forced labor scam compound operations; DOJ files largest-ever forfeiture action seeking approximately 127,271 Bitcoin (~$15 billion). US and UK jointly designate 146 entities and individuals linked to the Prince Group.
US DOJ / CNBC2026-01-01
SafeW reaches 20,909+ subscribers; user migration to Xinbi's XinbiPay/NewPay accelerates following the closure of competitor Tudou Guarantee and the arrest and extradition of Chen Zhi to China. XinbiPay processes $94.6 million in its first operational month (December 2025).
TRM Labs2026-02-04
Elliptic publishes research identifying #8 Park, Cambodia's largest alleged scam compound with capacity for ~20,000 trafficked workers, as a major Xinbi client.
Elliptic2026-02-13
#8 Park compound allegedly evacuates following the Elliptic research publication; blockchain data shows sharp payment declines beginning 9 February 2026.
Elliptic2026-03-26
UK FCDO designates Xinbi, Legend Innovation Co., BSquare Technology, Tian Xu International Technology, and six individuals (Eang Soklim, Thet Li, Hu Xiaowei, Wang Xiaoyan, Pang Weizhi, Wan Kuok Koi) under the Global Human Rights sanctions regime. The UK becomes the first country to sanction Xinbi.
UK Government / FCDODecision Log
- hash: CrPcmXXoHmN2hZX3q5qNPokGinJnG8RkhBExzhpyPqJ4
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 6/14/2026, 2:33:38 PM
last updated: 6/14/2026, 2:33:54 PM
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