PANews reported on May 14 that Telegram has shut down thousands of channels related to the crypto crime market "Xinbi Guarantee", according to a report by CoinDesk citing Elliptic . The market, called "Xinbi Guarantee", has processed more than $8.4 billion in suspicious transactions through Tether USDT since 2022, involving money laundering, fraud, coercion and other activities. Xinbi Guarantee is registered in Colorado, USA. The platform is listed as the largest Telegram crypto black market platform alongside the Huione Group, another group listed as a "primary money laundering concern" by the U.S. Treasury Department.