PANews reported on May 14 that according to Cointelegraph, blockchain security company Elliptic disclosed that Xinbi Co. Ltd, registered in Colorado in 2022, is associated with an illegal online market called "Xinbi Guarantee". The market is based on the Telegram platform and is an illegal Chinese market that mainly serves Southeast Asian scammers. It has received $8.4 billion in funds so far, mainly in the form of USDT transactions. Merchants provide technology, personal data and money laundering services to scammers in the market to assist them in implementing the "pig killing" scam. Xinbi Guarantee claims to be an "investment and capital guarantee group company", but in January 2025, due to failure to submit regular reports on time, the status was updated to "delinquent". The black market money laundering service has the largest share of transactions, and also provides Starlink equipment, stolen personal data and fake ID cards. Elliptic said that Xinbi Guarantee is the second largest illegal online market, with a transaction volume of more than $1 billion in the fourth quarter of 2024, and is associated with money laundering by North Korean hackers. The $8.4 billion transaction volume may be just the tip of the iceberg of the real transaction volume. The platform has 233,000 users and operates in a "guarantee model", but it has still become a hotbed for illegal activities. Colorado government records show that Xinbi Co. Ltd was listed as "non-compliant" in January 2025 for failing to submit annual reports on time.