Xinbi Marketplace
Last changed 2026-10-27 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 2 → 0. The page establishes that the subject is itself a scheme, so the score is 0. Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -220 |
| Sum | -155 |
- The page establishes that the subject is itself a scheme, so the score is 0.
Score: 0/100 (kept between 0 and 100)
How scoring works →Summary
Xinbi Marketplace (also known as Xinbi Guarantee) is a Chinese-language, Telegram-based illicit crypto marketplace that has processed an estimated $24.2 billion in total transaction volume since 2022, making it one of the largest known illicit online marketplaces ever tracked. Operating as an informal escrow provider and vendor platform primarily serving pig-butchering scam networks in Southeast Asia, it was sanctioned by the UK Foreign, Commonwealth and Development Office on 26 March 2026 — the first country-level sanction against the platform — under the Global Human Rights sanctions regime. The operator is formally incorporated as 'Xinbi Co., Ltd' in Colorado, USA, though its actual operations are believed to be based in the Golden Triangle region of Southeast Asia.
Connected Entities
6 entities · 60 linked investigations- Chen Zhi / Prince Group→mentioned with→Bitcoin(80%)
- Hu Xiaowei (Prince Group second-in-command)→mentioned with→Bitcoin(65%)
- Xinbi Marketplace→mentioned with→Bitcoin(65%)
- Xinbi Marketplace→mentioned with→WazirX(80%)
- Xinbi Guarantee→mentioned with→WazirX(75%)
- Hu Xiaowei (Prince Group second-in-command)→mentioned with→Chen Zhi / Prince Group(90%)
- Xinbi Marketplace→mentioned with→Hu Xiaowei (Prince Group second-in-command)(80%)
- Xinbi Marketplace→mentioned with→Chen Zhi / Prince Group(90%)
- Xinbi Marketplace→mentioned with→Xinbi Guarantee(80%)
Connected Through
5 shared actors · 443 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- ♦Bitcointoken
- □WazirXorganization
- □Chen Zhi / Prince Grouporganization
- □Xinbi Guaranteeorganization
2 submissions awaiting moderator review.
Timeline(12 events)
August 2022
Xinbi Co., Ltd incorporated in Aurora, Colorado; Xinbi Guarantee marketplace begins operating as a Chinese-language Telegram-based escrow and vendor platform.
Elliptic research / Colorado corporate registry18 July 2024
Indian cryptocurrency exchange WazirX suffers a $235 million hack attributed to North Korea-linked actors (Lazarus Group).
Elliptic12 November 2024
Approximately $220,000 in USDT traced from the WazirX hack flows to Xinbi merchant addresses across nine transactions, according to Elliptic blockchain analysis.
Elliptic2025
Colorado corporate registry updates Xinbi Co., Ltd status to 'Delinquent' for failure to file required periodic reports.
Elliptic / Colorado corporate registry12 May 2025
Telegram shuts down thousands of Xinbi Guarantee channels following a FinCEN Section 311 finding targeting Chinese-language escrow services. Xinbi subsequently returns to Telegram using same usernames and channels.
TRM Labs14 May 2025
Elliptic publishes research identifying Xinbi as an $8.4 billion illicit marketplace incorporated in Colorado, with connections to pig-butchering scam networks and North Korean hackers.
Elliptic / CoinDeskJune 2025
Xinbi begins promoting SafeW (proprietary messaging app) and XinbiPay/NewPay (no-KYC USDT wallet) as alternative infrastructure following Telegram enforcement.
TRM LabsOctober 2025
US DOJ indicts Prince Group chairman Chen Zhi on wire fraud conspiracy and money laundering charges in connection with forced labor scam compound operations; DOJ files largest-ever forfeiture action seeking approximately 127,271 Bitcoin (~$15 billion). US and UK jointly designate 146 entities and individuals linked to the Prince Group.
US DOJ / CNBC2026
SafeW reaches 20,909+ subscribers; user migration to Xinbi's XinbiPay/NewPay accelerates following the closure of competitor Tudou Guarantee and the arrest and extradition of Chen Zhi to China. XinbiPay processes $94.6 million in its first operational month (December 2025).
TRM Labs4 February 2026
Elliptic publishes research identifying #8 Park, Cambodia's largest alleged scam compound with capacity for ~20,000 trafficked workers, as a major Xinbi client.
Elliptic13 February 2026
#8 Park compound allegedly evacuates following the Elliptic research publication; blockchain data shows sharp payment declines beginning 9 February 2026.
Elliptic26 March 2026
UK FCDO designates Xinbi, Legend Innovation Co., BSquare Technology, Tian Xu International Technology, and six individuals (Eang Soklim, Thet Li, Hu Xiaowei, Wang Xiaoyan, Pang Weizhi, Wan Kuok Koi) under the Global Human Rights sanctions regime. The UK becomes the first country to sanction Xinbi.
UK Government / FCDODecision Log
- slot 461964517 · hash 6ebetnaXy8Yk3mhMpoozSqQdzZ2RUDWuwxq7GFy8QvEo
- slot 426435416 · hash CrPcmXXoHmN2hZX3q5qNPokGinJnG8RkhBExzhpyPqJ4
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 16 of 17 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 6/14/2026, 2:33:38 PM
last updated: 10/27/2026, 6:04:42 AM
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