Xinbi Guarantee: A Digital Backbone for Chinese Organised Crime

The rise of Chinese-language guarantee marketplaces has become a significant concern for law enforcement agencies worldwide. These digital platforms have emerged in recent years to facilitate online fraud, money laundering, and other illicit activities targeting Americans. The US Department of Justice recently announced actions against Xinbi Guarantee, an illicit marketplace that had laundered $52 million of cryptocurrency from fraud proceeds.

The platform, along with Huione and Tudou, has become a central part of the infrastructure for the online fraud economy in South East Asia. These marketplaces use Telegram as their primary communication channel and settle transactions mainly in the Tether (USDT) stablecoin. They provide escrow services, connecting transnational criminal syndicates with merchants that offer financial services, technology, and other goods supporting their operations.

According to Elliptic Research, Huione Guarantee processed at least $24 billion in transactions, making it the largest illicit online marketplace ever operated. However, its operations were shut down after Telegram closed its channels in May 2025. Tudou, which had acquired a 30% stake in Haowang Guarantee, another rebranded entity of Huione, continued to operate but significantly reduced online fraud-related transactions by early 2026.

Xinbi Guarantee has processed $24 billion of digital assets and fiat currency since 2022, largely facilitating transactions in South East Asia. It has been used by North Korean hackers and Cambodian online fraud groups, including the Jin Bei Group Ltd. The platform's transaction volume increased after action was taken against Huione in 2025.