A Chinese-language crypto guarantee service known as Xinbi processed about $17.9 billion in onchain transaction volume despite bans and enforcement actions targeting similar platforms, according to TRM Labs.
The blockchain analytics firm said the activity continued after Telegram banned clusters of guarantee services in 2025, with Xinbi maintaining usage through migration to alternative messaging apps and the launch of its own wallet, XinbiPay.
“Guarantee services like Xinbi are learning to survive enforcement by fragmenting across platforms and building their own infrastructure,”
Said TRM Labs global head of policy, Ari Redbord.
TRM said the $17.9 billion figure reflects gross onchain volume, including inflows, outflows and internal transfers, rather than confirmed illicit proceeds or net profits.
The report alleges Xinbi has played a central role in facilitating laundering for scam operations and cybercrime syndicates, including so-called pig-butchering fraud schemes.
Onchain data showed activity rebounded in January 2026 as users shifted to Xinbi’s affiliated wallet and new coordination channels following intensified enforcement pressure.
Xinbi has faced scrutiny since 2025, when Elliptic linked wallets tied to the service to more than $8 billion in stablecoin flows associated with scams and money laundering in Southeast Asia.