A $20 Billion Crypto Scam Market Faces a New Government Crackdown
UK sanctions Xinbi Guarantee, a $20B Telegram-based crypto marketplace fueling scams and human trafficking.
British authorities have imposed financial sanctions against Xinbi Guarantee, a major Telegram-based cryptocurrency marketplace estimated to have processed $19–20 billion since 2021, primarily facilitating romance and investment scams operated from Southeast Asian compounds. The sanctions target the platform's role in enabling human trafficking and money-laundering services that support scam operations. Xinbi has demonstrated resilience by rebuilding on Telegram and diversifying infrastructure after previous takedown attempts, including launching its own payment app XinbiPay.
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The lesson from this incident
Full lessonXinbi Guarantee operated a $20 billion cryptocurrency marketplace on Telegram that primarily facilitated romance and investment scams, leading to British government sanctions. The platform's ability to rebuild and adapt after takedown attempts demonstrates how criminal organizations exploit legitimate communication platforms and payment systems. This case highlights the challenge of regulating decentralized platforms that can quickly reconstitute their operations across different infrastructure providers.
Indicators of Compromise
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- malware — XinbiPay