Bitrace

Guarantee Platforms, as trustless solutions for illegal transactions in the underground criminal economy, have expanded rapidly in recent years. Bitrace has released 2026 Investigation Report on Illegal Transaction Guarantee Platforms. bitrace.io/en/blog

Following disclosures by Bitrace and other investigators, the money-laundering Public Group 「公群F小组673-供押188万U币安/混币/隔断/跨链/币换U公群（供付0.1）」has elected to cease all operations and shut down its business.

@Gate This Public Group Merchant used Newpay, the CryptoPayment tool under Xinbi Guarantee, as its receiving address. Bitrace monitoring shows that since Newpay began operations, it has already collected more than 1.6 billion USDT.

In the @Gate user theft case, the stolen funds have been confirmed to have fully escaped through the third-party money laundering Public Group operated by Xinbi Guarantee. All transactions were recorded by Xinbi Guarantee’s Report Bot. Bitrace Pro shows that the stolen ETH was sold off at approximately 1,800 USDT. cc @zachxbt @audit_911 @jheioff

Newpay’s EVM addresses see relatively low transaction volume, and its funding sources are markedly different from those of Chinese-speaking black/gray industry operators who strongly prefer TRC20 USDT. For on-chain investigators, tracking and tracing the large inflows could potentially uncover some “whales.”

According to our intelligence, these addresses belong to a large Cambodia-based money laundering entity linked to dozens of cases we investigated between 2021 and 2026.

.@circle today froze several Ethereum addresses that had already been frozen by @tether four months ago. 0x8766fe4aa2208afd9a5b050acfcdbb4ad4d3d8ee 0x5d36df85b8b7d306c9e49f03c5f34f80f8eade44 0xe39d2aa8983d125beae388ab72415bc5d2b5616d 0xe7d7945b4e93e11adb9738021e965a921a2e16a2 0x754252e95d2167dce45e032cddfe6b02e0649a35

Southeast Asian organized crime networks rely heavily on slang and secret codes, which pose a major barrier for non-Chinese-background investigators. This is the first article in the Slang Analysis series, Human Trafficking. blog.bitrace.io/decoding-crypt…

VASP sanctions compliance should no longer be confined to static list matching, but must extend to transaction path analysis, counterparty network assessment, and continuous exposure monitoring. blog.bitrace.io/u-s-ofac-sanct…

CAMBODIA/US: Treasury announces further sanctions on Prince Group network, including 9 ppl + 26 BVI, UK, Cambodia, Hong Kong, Singapore companies. FinCEN also expands Huione sanctions to cover H-PAY. ofac.treasury.gov/recent-actions…

Currently, organized crime networks in Southeast Asia are facing joint law enforcement operations by multiple countries. As the leading player following the collapse of Huione Group, Xinbi Guarantee has undoubtedly become a key target of these crackdowns.

In addition, Xinbi unusually conducted fund outflows during the early morning hours of the 18th. However, almost all of these transfers were irregular deposit refunds. Between 00:00 and 04:00 that day, the top 20 largest outflow counterparties were all Xinbi merchant addresses.

Some #XinbiGuarantee users claim that key shareholders of Xinbi have been arrested, and that the entity is about to collapse as a result. However, as of now, the on-chain data does not appear to show any abnormalities. 🧵

From the changes in business scale of Jinbei Guarantee, X Wallet, and Jinbei Feitou, it is evident that the high degree of specialization and division of labor within the black and gray industries has given them extremely strong resilience. Law enforcement actions targeting only certain entities or individuals are unable to inflict significant damage on the overall ecosystem.

Guarantee：Jinbo Guarantee / Jinbei Guarantee 金贝担保 Jinbei Guarantee is the earliest illegal business established by the Jinbei Group within the Telegram ecosystem. Similar to Huione Guarantee and XInbi Guarantee, this entity primarily provides comprehensive illegal transaction guarantee services. It currently ranks among the top ten in scale in Southeast Asia, with revenue exceeding 79M USDT in the past year. It is clear that after the collapse of the Prince Group in January 2026, Jinbei Guarantee suffered a severe blow, with deposit inflows nearly dropping to zero. However, it quickly recovered to a monthly high of 28M USDT.

Although the key leaders of the Prince Group have been successively arrested, their subsidiaries and industries continue to operate. Taking the Jinbei Group — which was sanctioned alongside the Prince Group — as an example. we will use data to expose this ongoing threat. 🧵

根据中国公安部的披露，早前与太子集团一同被英国制裁的金贝集团，其幕后首脑刘忍已被引渡回中国，该实体运营多个网络赌博平台，为中国境内公民提供投注服务。 根据我们 @Bitrace_team 的监测，尽管刘已被抓获，但其旗下金贝担保、金杯飞投、X钱包等产业并未停止经营。 mp.weixin.qq.com/s/aW7t08nHx4us…