Elliptic Intelligence Used by the USSS to Take Action Against Xinbi, the $30 Billion Criminal Marketplace and Money Laundering Operation

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Postmedia has not reviewed the content. by Business Wire Elliptic Intelligence Used by the USSS to Take Action Against Xinbi, the $30 Billion Criminal Marketplace and Money Laundering OperationAuthor of the article:WASHINGTON — Elliptic, the global leader in risk intelligence for on-chain finance, today confirmed that it provided the intelligence used by the United States Secret Service in action taken today against the Xinbi marketplace.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe U.S. Secret Service froze wallets belonging to the marketplace and its merchants, containing $52.8 million in cryptoassets linked to Xinbi marketplace.Elliptic provided the data and intelligence that no other provider could. The data was extracted from Elliptic’s Data Fabric Solutions into the USSS’ systems, giving investigators the one hundred thousand-foot view, connecting on-chain and off-chain data to paint a full picture of illicit activity rather than a snapshot in one screen of data.Data Fabric provides access to the same blockchain data and intelligence set behind Elliptic’s solutions, and that Elliptic’s own intelligence team used to expose both Huione and Xinbi before anyone else.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againSince beginning operations in 2022, Xinbi Guarantee and its merchants have processed at least $24 billion in transactions, making it the second largest illicit online marketplace of all time. A closely-linked payments service, Xinbi Pay, has processed a further $6 billion.This USSS action is the latest in a series of enforcement outcomes against online scam infrastructure and Chinese money laundering organizations built on Elliptic’s intelligence, which was instrumental to Telegram’s shutdown of Huione Guarantee in May 2025, the US Treasury’s FinCEN designation of Huione Group as a primary money laundering concern, and UK sanctions against Xinbi in May 2026.Simone Maini, CEO of Elliptic, said: “For years, Xinbi Guarantee exploited the gap between on-chain and off-chain data to stay hidden. Elliptic’s intelligence closed that gap, giving investigators everything they needed to act. Today’s action is proof of what government agencies and industry can achieve in partnership, and we will keep exposing these networks wherever they operate.”Elliptic is the global leader in risk intelligence for on-chain finance, powering real-time compliance at agentic speed. Built for compliance from day one, our platform delivers the most comprehensive blockchain data and intelligence in the industry, combining unrivaled coverage, accuracy, and uptime so that exacting organizations can manage risk, achieve compliance, and power their intelligence operations with confidence.Founded in 2013, Elliptic is headquartered in London with offices in New York, Washington, D.C., Miami, Dubai, Hong Kong, Singapore and Tokyo. To learn more, visit www.elliptic.co and follow us on LinkedIn and X.View source version on businesswire.com: This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.