TRM Labs says Xinbi moved $17.9B in crypto even after Telegram crackdowns

Telegram bans were supposed to disrupt a shadowy layer of the crypto economy that runs on escrow, reputation scores, and middlemen. A new report suggests the playbook slowed the problem, but it did not remove it.

TRM Labs said a Chinese-language “guarantee” marketplace known as Xinbi processed roughly $17.9 billion in total onchain transaction volume, even after Telegram enforced bans against clusters of similar services in 2025. Guarantee marketplaces typically act as escrow hubs for merchants selling services that range from basic OTC crypto exchange to money laundering and scam infrastructure. 

TRM stresses that the $17.9 billion figure is gross activity, not confirmed illicit profit. It includes inflows, outflows, and internal transfers across wallets TRM attributed to Xinbi. The firm notes that recycling funds inside escrow systems can inflate volume metrics, since the same coins may move multiple times as deals are brokered and settled. 

The report frames Xinbi as part of a broader ecosystem linked to large-scale fraud and laundering, including “pig butchering” scam operations. It also points to listings for stolen data, fake documents, and cybercrime services that circulate through these marketplaces. Earlier enforcement actions targeted other major Telegram-based services such as Huione Guarantee, which said it would stop operations after being removed. 

So why did Xinbi keep moving funds? TRM ties the resilience to speed and retooling. The firm says users migrated quickly to alternative messaging setups after Telegram removals, and onchain activity rebounded in January 2026 as the ecosystem adapted. TRM also highlights an affiliated wallet product, XinbiPay, which it says helped re-establish workflows after the crackdown.