• Xinbi Guarantee is a Chinese-language, Telegram-based marketplace serving fraudsters in South East Asia, including those responsible for so-called “pig butchering” scams.
• Merchants on the marketplace sell technology, personal data and money laundering services. The USDT stablecoin is the primary payment method, with the market having received $8.4 billion in transactions to date. Some transactions can be linked to funds stolen by North Korea.
• Xinbi Guarantee claims to operate through Xinbi Co. Ltd, incorporated in Colorado.