The Chinese-language crypto guarantee platform Xinbi processed nearly $18 billion in on-chain transactions despite platform bans and U.S. enforcement efforts targeting similar services, according to a new TRM Labs report.
The report noted that recent crackdowns reshaped—but did not dismantle—a key component of crypto-enabled laundering networks. TRM’s analysis showed that Xinbi continued on-chain activity even after Telegram banned clusters of Chinese-language guarantee services in 2025.
Xinbi’s resilience, the report says, is linked to its rapid shift to alternative messaging platforms and the launch of its own wallet, XinbiPay. On-chain data indicated that wallet activity rebounded in January 2026 as users migrated to the new system.
TRM Labs also highlighted Xinbi’s alleged role in laundering funds for scam operations and cybercrime syndicates, including so-called pig-butchering fraud schemes.
The $17.9 billion figure represents the total on-chain transaction volume processed by wallets linked to Xinbi, according to TRM Labs. This includes inflows, outflows, and internal transfers within the platform’s escrow and wallet system.
TRM emphasized that the figure does not reflect net proceeds or confirmed illicit gains and may include internal fund recycling, a common practice among guarantee services.
Alleged illicit guarantee service Xinbi adapts to enforcement
In a statement to Cointelegraph, Ari Redbord, global head of policy at TRM Labs, said platforms like Xinbi are evolving to withstand regulatory pressure.
“Guarantee services like Xinbi are learning to survive enforcement by fragmenting across platforms and building their own infrastructure,” Redbord said.
“These services sit at the center of the scam economy,” he added, noting that disrupting them can expose entire networks that rely on their operations.
TRM reported that Xinbi began promoting alternative channels for coordination as early as mid-2025, preparing for user migration amid rising enforcement pressure. The firm said the transition accelerated in January 2026, coinciding with further regulatory actions against peer services and arrests linked to laundering networks.
Xinbi previously flagged for over $8 billion in stablecoin flows
Xinbi has been under regulatory and analytic scrutiny since 2025. In May of that year, blockchain analytics firm Elliptic reported that wallets associated with Xinbi Guarantee had processed at least $8.4 billion in stablecoins, linked to money laundering and scam-related activity across Southeast Asia.
The report also connected Xinbi to a Chinese-language, Telegram-based marketplace offering money laundering services, stolen data, scam-enabling tools, and other illicit products.
