<ul><li>A Chinese-language service on Telegram operated as an all-purpose underground bazaar offering cash-out services to scammers, money laundering for North Korean hackers, and more.</li><li>Xinbi Guarantee, a U.S.-registered company, facilitated $8.4 billion in transactions through its Telegram-based marketplace, mainly from money stolen from scam victims.</li><li>The marketplace also featured services for child-bearing surrogacy, harassment-for-hire, sex trafficking, and other criminal activities.</li><li>Elliptic's research highlights the extensive criminal offerings and the apparent legality of Xinbi Guarantee, despite its illicit operations.</li></ul>

An $8.4 billion money launderer has been operating for years on US soil

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