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Telegram’s Xinbi Guarantee: $21 Billion in Scams and Trafficking

Despite repeated warnings, Telegram remains a crypto scammers’ haven. How long can this go on?

For over three years, the messaging platform Telegram has been hosting a sprawling black market known as Xinbi Guarantee, which operates openly despite facilitating $21 billion in criminal transactions. The UK government recently sanctioned the site for its role in human trafficking, yet Telegram continues to allow it to operate freely.


The full extent of Telegram’s failure is stark: since March 26, when the sanctions were imposed, Xinbi Guarantee has processed over half a billion dollars worth of illicit deals and added tens of thousands more users. “Xinbi is still going strong,” says Tom Robinson, co-founder and chief scientist at Elliptic.


Telegram’s defense that it allows Chinese citizens to circumvent financial controls rings hollow given the scale of criminal activity. Xinbi Guarantee has hosted everything from money laundering services for crypto scams to products intended for human trafficking operations, including electrified batons and handcuffs. The UK sanctions confirm what critics have long accused: Telegram is complicit in a massive illegal enterprise.


The company’s initial ban on Huione Guarantee last year didn’t deter Xinbi Guarantee, which Telegram has now allowed to grow into the largest black market on the internet. Despite multiple requests for comment, Telegram did not respond to WIRED's queries. Critics argue that this blatant disregard for human rights and criminal activity is unacceptable in a modern messaging platform.


Telegram’s stance raises questions about corporate responsibility and ethical boundaries. As one security researcher puts it, “There's literally no legitimate company in the world that hosts this level of criminal activity and is so open about it.” The longer Telegram allows Xinbi Guarantee to operate, the more it risks becoming a symbol of corporate complicity in global crime.

Original source:  https://www.wired.com/story/telegram-is-still-hosting-a-sanctioned-21-billion-crypto-scammer-black-market/
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