TRM Labs reports that the Chinese-language online escrow market Xinbi continues to operate despite law enforcement actions targeting the ecosystem, demonstrating significant adaptability of informal financial networks. According to the report, Xinbi’s total accumulated transaction volume reaches approximately $17.9 billion, reflecting a large scale and widespread usage within the Chinese-speaking community.
While many similar platforms have been severely weakened after crackdown campaigns on Telegram, Xinbi has adjusted its strategy by shifting operations to newer communication platforms with less oversight.
Additionally, they have launched a proprietary payment solution called XinbiPay to maintain cash flow and facilitate transactions between buyers, sellers, and escrow agents. TRM Labs warns that this flexible model makes monitoring and preventing financial risks, fraud, and money laundering more challenging for regulators.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
The United States imposes sanctions on Lebanon's gold trading company Jood SARL
ChainCatcher reports that the U.S. Department of the Treasury's Office of Foreign Assets Control has imposed sanctions on gold trading company Jood SARL (headquartered in Lebanon).
GateNewsBot21m ago
YZi Labs addresses the CEA Industries Board of Directors: Requesting clarification on false news and full disclosure of a director's related-party transaction
YZi Labs issues a letter refuting CEA Industries' allegations of a "secret agreement," stating that the board was already aware of it and that the agreement was terminated in 2025. YZi Labs requests the board to clarify the misleading statement and protect shareholders' interests.
GateNewsBot31m ago
7 Malaysian police officers threaten and extort Chinese tourists, forcing them to transfer 352,000 yuan in cryptocurrency
7 police officers and 5 men stormed a residence in Kajang, Malaysia, extorting approximately 200,000 ringgit from 8 Chinese tourists. They used threats of reporting as leverage, and the police have arrested the officers involved. The case highlights serious issues of crime and impersonation of law enforcement.
GateNewsBot3h ago
SBF Denies FTX Bankruptcy in Prison, Reveals Truth, and $8 Billion Funding Gap Sparks New Crypto Controversy
On February 10th, Sam Bankman-Fried, who has been sentenced to 25 years in prison on multiple charges of fraud and conspiracy, spoke out again through his verified X account, claiming "FTX has never gone bankrupt," and accused the company's lawyers of submitting a "false bankruptcy petition." This statement starkly contrasts with the U.S. court rulings, regulatory documents, and financial audit results, and has quickly attracted attention within the crypto community.
According to judicial records, SBF was involved in embezzling over $8 billion of customer assets, leading the platform to become insolvent by the end of 2022. The massive losses of his affiliated trading firm Alameda Research were the direct cause of the collapse. Although subsequent asset recoveries and market rebounds have improved creditor expectations in some cases, prosecutors and judges both emphasized that this does not change the established facts of fraud.
GateNewsBot4h ago
SBF account claims FTX has never gone bankrupt: Lawyer filed a false bankruptcy claim after takeover for profit
PANews February 10 News, FTX founder SBF's X account posted that FTX has never filed for bankruptcy, claiming that after lawyers took over the company, a false bankruptcy petition was filed just 4 hours later, with the intention of profiting from bankruptcy proceedings.
GateNewsBot5h ago
Six Arrested in France Over Crypto-Linked Kidnapping
French police arrested six suspects linked to the kidnapping of a magistrate and her mother, who escaped without paying a ransom. The incident highlights a rising trend of crypto-related crimes in France, prompting law enforcement action.
LiveBTCNews11h ago
