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- Xinbi expanded despite Telegram crackdowns while rivals collapsed.
- Enforcement pressure pushed Xinbi to new platforms and wallets.
- Targeting guarantee services weakens crypto crime networks.
According to the report, on-chain crypto data shows a sharp split inside the Chinese language guarantee marketplace sector. Xinbi continued to grow while rivals faded. Telegram enforcement in spring 2025 reshaped crypto-related activity flows. It did not stop them. It redirected them.
Xinbi almost doubled their inflows by the end of 2025. The inflows were around 8.9 billion dollars. The competition was greatly affected by the move as they collapsed. Haowang was almost at zero activity, while Tudou was reduced by over seventy percent.
The gap between Xinbi and the rest was widened by the pressure. Telegram intervened with the big guarantee channels in the spring of 2025. The US added weight to this by introducing measures against financial crime. Huione and Haowang were affected first, followed by Tudou.
Xinbi was not greatly affected by the move. They were able to reactivate their channels quickly and maintain their users’ activities. Their inflows increased towards the end of 2025. There was a new surge in January 2026, but this was due to arrests and closures. Tudou was closed by the authorities.
Xinbi Linked to Golden Triangle Operations
The police arrested the chairman of the Prince Group, Chen Zhi. Their network used the Huione Pay network. It used the Haowang network as well. People were afraid. On-chain transactions show this is true. Xinbi’s transactions were slower in December. But the transactions increased in January.
These increased transactions were not a decrease. These were an increase in new transactions. People were moving to new transactions. Xinbi changed from the Telegram network. It promoted a new messaging app. The name of the new messaging app is SafeW. It created a new wallet.
The name of the new wallet is XinbiPay. This gave Xinbi power. It gave Xinbi less risk. Xinbi is most likely in the Golden Triangle region. This region includes Myanmar, Thailand, and Laos. This region includes scam groups. It includes money laundering as well.
This region includes the hubs of finance. Xinbi is a hub of finance. Wallets linked to Xinbi got 8.9 billion dollars. It processed close to 17.9 billion dollars in total transactions. Guarantee services like Xinbi have many tools. These tools are the service marketplaces. These tools are the escrow services.
Wallets With Weak Controls Attract Criminal Use
They provide money mule services with little scrutiny. They also provide coordination for money mule groups. These characteristics make them attractive to criminals. Wallets make the service more accessible. They make the service faster. They provide a source of income for the operator. Wallets also provide the operator with power over the money flow.
They are not just bridges, they control the money flow. Guarantee and shared wallet services hide actors and make tracing difficult. Internal transactions further obscure activity, showing platforms instead of actors. Removing guarantee services shifts this balance.
Removing guarantee services exposes criminals and makes money flows easier to trace. Platforms without these services show clear transaction paths. Platforms with them hide activity and reduce transparency. The Xinbi case shows this shift.
After the 2025 actions, the market became fragmented. Huione once dominated. Its share dropped sharply after the crackdown. Xinbi and other players gained share. The model did not collapse. It adapted. This shift makes facilitators the main target. They enable and control the money flow.
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