US Probe Exposes North Korea Crypto Laundering Route Through Xinbi

A new US probe has exposed a North Korea-linked route for crypto laundering through Xinbi, a Chinese-language marketplace. According to Chainalysis, North Korea-linked actors moved tens of millions in stolen cryptocurrency through vendors operating inside Xinbi Guarantee.

The funds included proceeds from the Bybit and WazirX exchange hacks. US authorities sanctioned Xinbi on September 9 and restrained more than $52 million across its vendor network.

Officials described Xinbi as a Chinese-language marketplace supporting scams, cybercrime, and money laundering. Xinbi operated through hundreds of Chinese-language Telegram channels linking criminal customers with specialized vendors.

Sellers advertised various services, including exchanging traceable crypto for stablecoins from other illicit pools. This was done using Black U services.