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Crypto Scams Surge: $8.4 Billion Linked to Telegram Marketplace

5/15/2025

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Summary

Story summary

A shocking report from crypto-tracing firm Elliptic uncovers that Xinbi Guarantee, a Chinese-language marketplace on Telegram, has enabled a staggering $8.4 billion in transactions linked to crypto scams since 2022. Beyond scams, the platform was involved in money laundering and trafficking. Despite Telegram's recent crackdown on related channels, experts fear these nefarious activities could resurface.

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Story summary

A shocking report from crypto-tracing firm Elliptic uncovers that Xinbi Guarantee, a Chinese-language marketplace on Telegram, has enabled a staggering $8.4 billion in transactions linked to crypto scams since 2022. Beyond scams, the platform was involved in money laundering and trafficking. Despite Telegram's recent crackdown on related channels, experts fear these nefarious activities could resurface.