According to Techub News and CoinDesk, after the blockchain analysis company Elliptic released a report, Telegram shut down thousands of channels related to the suspected Chinese crypto crime market "Xinbi Guarantee". This market, registered in Colorado, has processed transactions worth over $8.4 billion using Tether's USDT stablecoin since 2022. According to Elliptic, it offers services related to money laundering, operating crypto scam compounds, and other illegal services such as extortion and sex trafficking. The platform is listed alongside Huione Group, which the U.S. Treasury Department has designated as a "primary money laundering concern," as one of the largest Telegram crypto black market platforms.

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