$8B darknet market Xinbi operates out of Colorado—Elliptic Research

Xinbi Guarantee, a bustling marketplace for online crime, is not buried in the dark web—it’s officially registered in Colorado, USA.

According to Elliptic Research, this platform, alongside another called Huione Guarantee, has processed over $35 billion in transactions using the Tether stablecoin (USDT). Behind this seemingly legitimate front lies a thriving hub of illicit activities.

Xinbi connects vendors offering a disturbing array of illegal goods and services. From stolen personal information and fake identities to sophisticated money-laundering operations, the platform functions like an underground bazaar.

Payments are accepted exclusively in USDT, with Xinbi amassing at least $8.4 billion in such transactions. In the final quarter of 2024 alone, over $1 billion flowed through the platform.

One of the most glaring examples of Xinbi’s reach is its connection to the $235 million hack of Indian crypto exchange WazirX in July 2024. The hack, attributed to North Korean actors, saw roughly $220,000 in USDT from the stolen funds routed to Xinbi in nine transactions by November. This case demonstrates that Xinbi’s vendors actively assist in moving and hiding stolen funds.

Launched in August 2022, Xinbi has grown rapidly, with user numbers jumping from 119,000 in August 2024 to over 233,000 by 2025. Operations are coordinated through Telegram, where buyers and sellers communicate in Chinese. Despite increasing regulatory attention, Xinbi’s user base and transaction volume continue to surge.

Elliptic’s investigation reveals a marketplace openly facilitating various illegal services. Some vendors offer to “clean” money obtained through online scams, including the infamous “pig butchering” schemes. Others engage in direct intimidation, promising to stalk or threaten individuals in China for paying clients.

Even more unsettling, Xinbi is a platform for sex trafficking, with some vendors advertising victims as young as 14 years old. Illegal surrogacy and egg donation—both banned in China—are also part of the platform’s offerings.

Despite its Colorado registration as “Xinbi Co., Ltd”, the company is marked as “Delinquent” for failing to file a mandatory report two years after registration. Yet this label has done little to disrupt its operations.

Telegram, a popular encrypted messaging app, remains central to Xinbi’s operations. Although the app has shut down thousands of channels tied to the platform, its decentralized nature allows Xinbi’s community to reappear almost instantly.

Xinbi is part of a sprawling underground financial system that relies on stablecoins like USDT to move illegal funds, keeping the identities of its operators hidden. Despite enforcement efforts, this digital underworld continues to expand, operating with a mix of blatant visibility and cryptographic secrecy.

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