North Korea uses shady online market registered in US to launder stolen crypto



News North Korea uses shady online market registered in US to launder stolen crypto DPRK cybercriminals’ reliance on Chinese-language service Xinbi highlights growth of gray markets that dwarf darknet Shreyas Reddy May 15, 2025 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON North Koreans inspecting U.S. currency notes \| Image: NK News (Sept. 2017) North Korean cybercriminals used a U.S.-registered Chinese-language online marketplace to launder stolen cryptocurrency, according to a blockchain analysis firm, highlighting Pyongyang’s increasing reliance on such platforms to evade sanctions. In a report published on Tuesday, Elliptic revealed that North Korean actors sent virtual currency worth around $220,000 in Nov. 2024 to addresses controlled by the Telegram-based Xinbi Guarantee, which it described as “the second-largest illicit online market to have ever operated” after Cambodia-based Haowang Guarantee. North Korean cybercriminals used a U.S.-registered Chinese-language online marketplace to launder stolen cryptocurrency, according to a blockchain analysis firm, highlighting Pyongyang’s increasing reliance on such platforms to evade sanctions. In a report published on Tuesday, Elliptic revealed that North Korean actors sent virtual currency worth around $220,000 in Nov. 2024 to addresses controlled by the Telegram-based Xinbi Guarantee, which it described as “the second-largest illicit online market to have ever operated” after Cambodia-based Haowang Guarantee. Try unlimited access Only $1 for four weeks Unlimited access to all of NK News: reporting, investigations, analysis Year-one discount if you continue past $1 trial period The NK News Daily Update, an email newsletter to keep you in the loop Searchable archive of all content, photo galleries, special columns Contact NK News reporters with tips or requests for reporting Get unlimited access to all NK News content, including original reporting, investigations, and analyses by our team of DPRK experts. Subscribe now All major cards accepted. No commitments – you can cancel any time. © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. Get the Daily Update Start your day with the North Korea stories that matter most – as selected by And how should we address you in correspondence? One more step! Please check your inbox, for an email we just sent you, and click on the confirmation message in it to get subscribed to our Daily News Update. Trending

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North Korea uses shady online market registered in US to launder stolen crypto

DPRK cybercriminals’ reliance on Chinese-language service Xinbi highlights growth of gray markets that dwarf darknet

Shreyas Reddy May 15, 2025

North Korea uses shady online market registered in US to launder stolen crypto

North Koreans inspecting U.S. currency notes | Image: NK News (Sept. 2017)

North Korean cybercriminals used a U.S.-registered Chinese-language online marketplace to launder stolen cryptocurrency, according to a blockchain analysis firm, highlighting Pyongyang’s increasing reliance on such platforms to evade sanctions.

In a report published on Tuesday, Elliptic revealed that North Korean actors sent virtual currency worth around $220,000 in Nov. 2024 to addresses controlled by the Telegram-based Xinbi Guarantee, which it described as “the second-largest illicit online market to have ever operated” after Cambodia-based Haowang Guarantee.

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