Chinese-language marketplace run through Telegram channels that brokered illicit goods and services, using stablecoin escrow to settle vendor-buyer payments.
Investigator ZachXBT posed as a paying client of a Chinese laundering network and traced more than $12 million of North Korea's stolen Bybit funds. The trace covers under 1% of the roughly $1.5 billion taken, so the broker proved reachable even as recovery stayed small.
Reality
Treasury puts Xinbi's throughput above $24bn since 2022 and TRM Labs says $36bn, but the Secret Service and Elliptic have frozen $52.8m, and the last two guarantee markets designated this way were replaced rather than removed.
Perspective Coverage
3 publishersReality
Elliptic and the US Secret Service froze 52 wallets holding $52.8 million in USDT on September 8. US sanctions followed a day later, Telegram deleted the channels the same day, and Xinbi says it is moving to a stablecoin nobody can freeze.
Reality
Prosecutors froze ten Tron addresses in June and July before filing on September 14. Getting the money into government hands means Tether destroys the frozen tokens and issues the same value again to an FBI hardware wallet.
Reality
Recorded Future's profile of a phishing and money-laundering vendor on the Dabai and Xinbi guarantee marketplaces documents at least 100 Telegram usernames and multiple virtual numbers bought via Fragment Market.
Reality
Tether says the Justice Department's Scam Center Strike Force thanked it after two seized wallets and 47 restrained ones added up to $52 million, about 1% of the $5 billion the issuer says it has helped lock.
Reality
Tracxn counts 25 rounds worth $680 million in the region in 2026 against 46 rounds worth $319 million a year before, so money per round nearly quadrupled while 21 fewer rounds got done. Singapore holds 82.5 per cent of the all-time total.
Reality
Treasury's study draws on reports from about 1,300 institutions filed between September 2023 and December 2025, and it says monthly volume grew almost 11 percent while each filer saw only one phase of a scam.
Reality