Following the theft of 1.7 million in user assets from Gate, blockchain security firm Bitrace said its on-chain investigation found that the attacker split the stolen funds into multiple transfers and sent them to the same Newpay User address. Bitrace identified the entity as a crypto payment tool launched by Xinbi Guarantee. According to the firm, the product previously operated in 2025 as Xinbi Wallet, a Non-KYC payment tool based on a Telegram bot. After Xinbi rolled out its self-developed mobile app Xinbipay, that channel was shut down, users were moved to the mobile application, and the service was later renamed Newpay to avoid regulatory scrutiny. Bitrace said the entity has generated more than 1.6 billion USDT in total revenue since it began operating. The firm also said the business expanded significantly after Huione Group collapsed in late 2025. It added that after the fall of the guarantee-linked payment tool Prince Group, platforms including Xinbi Guarantee, Jinbei Guarantee, Dali Guarantee and Fulilai Guarantee have been dividing up the Southeast Asian market.
After the theft of 1.7 million in Gate user assets, blockchain security firm Bitrace said its on-chain investigation found that the attacker withdrew the victim's funds and then sent the proceeds in multiple transfers to the same Newpay User address.
Bitrace said the entity is a crypto payment tool launched by Xinbi Guarantee. It previously operated in 2025 as Xinbi Wallet, a Non-KYC payment tool built on a Telegram bot. After Xinbi introduced its in-house app, Xinbipay, that channel was shut down and users were moved to the mobile app. The service was later renamed Newpay, which Bitrace said was done to avoid regulatory scrutiny.
According to Bitrace's monitoring, the entity has generated more than 1.6 billion USDT in total revenue since launch. The firm said its business scale grew sharply after the collapse of Huione Group in late 2025.
Bitrace also said that after the fall of Prince Group, a payment tool tied to guarantee services, former first- and second-tier guarantee platforms including Xinbi Guarantee, Jinbei Guarantee, Dali Guarantee and Fulilai Guarantee have been splitting the Southeast Asian market.
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