Despite sustained global enforcement efforts, the Chinese-language guarantee marketplace Xinbi has continued to operate at scale, processing an estimated $17.9 billion in total transaction volume since mid-2025, according to on-chain analysis from blockchain intelligence firm TRM Labs. The platform has proven remarkably resilient, with inflows reaching nearly $8.9 billion, even as rival services like Haowang and Tudou saw activity collapse following regulatory actions.
Xinbi functions as an informal escrow service, facilitating scams, money mule operations, and other illicit financial activity by enabling rapid fund movement with minimal oversight. Its growth accelerated in 2025 as users migrated from disrupted competitors. Between May and December 2025, Xinbi's inflows nearly doubled, suggesting it absorbed displaced illicit activity.
The platform's adaptability is key to its survival. Initially centered on Telegram, Xinbi migrated its operations to the more secure messaging app SafeW after associated channels were banned in spring 2025. It also launched its own wallet service, XinbiPay, which allows funds to circulate internally, complicating tracing efforts and reducing reliance on external exchanges. This multi-platform strategy has insulated it from single-point enforcement actions.
TRM Labs notes that Xinbi's continued operation, particularly from a suspected base in Southeast Asia's Golden Triangle region, highlights the significant challenge authorities face in dismantling decentralized, adaptive criminal networks. While enforcement actions have successfully targeted specific platforms and individuals—such as the operator of the darknet market Incognito Market, who received a 30-year prison sentence—Xinbi's case demonstrates how illicit flows can persist and redistribute within the crypto ecosystem.
