Tether launched a large-scale freeze against Telegram-based cryptocurrency guarantee platforms on Sept. 8. Blockchain security firm Beosin said its analysis using Beosin Trace found that, among all frozen addresses in the action, 19 belonged to Xinbi Guarantee and held about $43.437 million, while 31 addresses were linked to Xinbi Guarantee merchants and held more than $9 million.
How the guarantee-platform market shifted
Beosin said the U.S. stepped up sanctions against cybercrime in Southeast Asia in 2025, putting guarantee platforms used in crypto-based illicit and gray-market transactions among the targets. Based on Beosin statistics, major such platforms in 2025 recorded more than 330,000 deposit users, more than 1.26 million deposit transactions, and more than 8.7 billion USDT in deposit flow.
After Huione Guarantee was shut down by Telegram in May 2025, Tudou Guarantee became its main successor. Beosin said Huione moved business to Tudou through share acquisitions and customer diversion.
In December 2025, Tudou Guarantee started clearing out merchants and users under sanctions pressure and sought to cut off fraud-related gray and black-market business. Some former Tudou merchants withdrew their deposits and moved directly to Xinbi Guarantee to continue operations. Beosin Trace showed that from Jan. 8 to Jan. 16, 2026, transaction counts for Xinbi deposit addresses stayed at 2,700 to 2,800 per day, which the firm said reflected a sharp increase in activity.
In April 2026, after Tudou closed related guarantee operations following the arrest of a person in charge tied to Prince Group and developments related to Huione Pay, Xinbi Guarantee became the leading guarantee platform, according to Beosin. The firm also said Southeast Asia has many second-tier guarantee platforms, including Angel Guarantee, Dali Guarantee and Binance Guarantee. It added that hundreds of short-lived small and mid-sized guarantee platforms have also operated in the region, providing guarantee services for illegal transactions involving drugs, human trafficking, illegal border crossings and smuggling.
Breakdown of the frozen Xinbi-related addresses
Beosin said the latest freeze covered 19 Xinbi platform addresses and 31 Xinbi merchant addresses. It analyzed the key wallets using Beosin Trace and the anti-money laundering platform Beosin KYT.
The largest frozen address was TWPma8xH48AEN93x2krdukV9e1j6sPsBeS, with about 10.78 million USDT frozen. Beosin identified it as a Xinbi deposit address that became active on Aug. 31 this year.
That address received nearly $143 million in total and transferred $132 million. In the freeze operation, Tether also froze downstream addresses up to five layers from its fund flows, Beosin said.
The main frozen payout address was TXHX2NUvcgft4zs6MkkUtdNVERPTavHDWN. It became active on July 17 this year and processed about $920 million in transaction volume. Of that amount, about $205 million flowed to merchants related to Xinbi Guarantee, and $26.61 million went to merchants linked to Tudou Guarantee.
Beosin's flow map for the 19 deposit and payout addresses tied to Xinbi showed external funds entering through the platform or through deposit addresses. After offline trades or money-laundering activity were completed, the platform settled funds and sent them to designated collection addresses.
What Beosin said comes next
Beosin said Xinbi Guarantee has now shifted to using USDD, which it described as a stablecoin that cannot be frozen, and that it will continue tracking the related addresses and transaction data.
The firm described this as Tether's largest on-chain freeze action in the recent period. It added that counterparties connected to Xinbi Guarantee platforms and merchants could also face freeze risk. For virtual asset service providers, or VASPs, and companies offering virtual asset or stablecoin payment services, Beosin said a professional blockchain anti-money laundering system is needed to identify Xinbi-related entities and assess address risk.