Written by: Bitrace

In 2026, the cryptocurrency guarantee market experienced a "decentralized cleansing" that is significant enough to be recorded in the history of the industry.

As the representative of the old order in the industry—Huione/Tudou completely collapsed under multiple pressures, this massive empire, which carried the liquidity of global secret transactions, completed an absolute transfer of power in just a few months.

Latest data shows that Xinbi Guarantee not only took over the "legacy" of Tudou but also achieved nearly 100% traffic harvesting in the guarantee market through an ecological closed loop.

Guarantee Platforms: The "Nasdaq" of the Grey and Black Industry

In the global grey and black market trading zones, guarantee platforms have long surpassed the simple definition of "funding intermediaries." They are the financial infrastructure of the shadow world, providing credit backing for various types of informal cross-border settlements, virtual goods transactions, and complex services, closely tied with Southeast Asian telecom fraud gangs.

The main trading currency used by guarantee platforms is USDT, with the core business model relying on "Public Groups":

Modular Business: Each public group is a vertical business unit that encompasses the entire industry chain from technical infiltration, money laundering channels to physical smuggling.

Credit Leasing: The platform charges high "entrance fees" and "deposits" from public groups, lending its own credit brand.

Traffic Aggregation: The platform acts as a super entry point, directing massive retail traffic to filtered public groups, forming a highly centralized "underground exchange."

Traffic Migration: Tudou Goes to Zero, Xinbi's "Bloodsucking" Takeover

By conducting a thorough analysis of the monthly inflow data of USDT from 2021 to 2026, we can clearly see two key mutations in the market pattern.

Figure 1: Monthly USDT Inflow Trend of Guarantee Platforms

1. The Secret Inheritance from Huione to Tudou

In the first half of the chart (2022-2024), the red area represents the former dominant Huione Guarantee. As compliance pressure increased, traffic began to shift to Tudou Guarantee (the extended part of red in the chart). This operation, mockingly referred to in the industry as "dirty earth rebirth," managed to retain the customer base in the short term, but also laid the groundwork for subsequent systemic risks.

2. The Collapse of Tudou and Xinbi's "Complete Takeover"

As we entered late 2025 to early 2026, the red area (Tudou) showed a cliff-like zeroing out. The gray area representing Xinbi saw exponential growth at the same time, with monthly average inflows peaking at over 1.2 billion USDT.

By March 2026, Xinbi Guarantee had reached an absolute monopoly level in this niche market, with the survival space for other smaller guarantees (the blue area in the chart) compressed to less than 2%.

Business Landscape: The Ecological Hegemony of Xinbi Public Groups

If the traffic chart shows volume, then the business group chart of Xinbi public groups shows depth.

Figure 2: Business Group Chart within Xinbi Ecology

From the public channels disclosed by Xinbi, its business distribution has been refined to a shocking degree. It is no longer just simple funding guarantees but a modular underground service ecology. According to the latest business distribution chart (Figure 2), Xinbi has broken down its business into 11 categories, covering every segment of the illegal industry chain:

Upstream Traffic and Construction: Providing platform construction, robot development, and even server and domain services.

Midstream Customer Acquisition and Execution: Covering SMS/script traffic sourcing, ground marketing stickers, and even offering advanced technical services such as AI face-swapping and ID loans.

Downstream Settlement and Money Laundering: In addition to regular U acceptances, it has also opened specialized "white asset public groups" and "card business," resolving the final step of fund entry and exit.

Figure 3: Xinbi Public Group Business Distribution Chart

After monitoring over 5,000 Xinbi public groups, Bitrace created an address and public group intelligence map, highlighting the highly complex business structure. Major merchant types include public groups like "Code to U," "Card to U," "Card Merchant," and "Acceptance," indicating Xinbi's focus in the money laundering field.

The "Nuclear Deterrent" of Infrastructure: The Birth of SafeW

While Tudou still relied on third-party communication tools like Telegram, Xinbi had already begun the privatization of infrastructure. This is the moat introduced by Xinbi in 2025—SafeW.

What is SafeW? SafeW is a highly secure instant messaging application launched by Xinbi, supporting all platforms (iOS, Android, Windows, Linux). On the surface, it is similar to Telegram as an encrypted communication tool, but behind it lies Xinbi's ambition to evade risks.

Figure 4: SafeW Official Website Page, Emphasizing Simplicity, Security, and Private Deployment

Evading TG Risk Control: In response to Telegram's increasingly stringent account and group banning policies, SafeW serves as a "safe haven" for public group owners and high-value clients provided by Xinbi.

Traffic Closure: Through the "SafeW Million Welfare Program" and targeted traffic tilt, Xinbi attempts to detach the most profitable guarantee businesses from Telegram and migrate them into a completely owned, fully encrypted SafeW ecosystem that cannot be penetrated from the outside.

Planning for Underlying Guarantee Business: Xinbi's announcement clearly states that SafeW public groups and specialized groups are officially open. This means Xinbi is constructing an iron curtain environment of "internal trading + self-developed communication + private settlement."

Despite the official push for this application through the "Million Welfare Program," the extremely thin orange strip in traffic statistics indicates a very low market conversion rate, which could even be described as "bleak," as detailed in our previous article.

Final Reflections: Is it the "Xinbi Era," or the Prelude to Another "Dirty Earth Rebirth"?

Looking back at the point of 2026, Xinbi Guarantee's current "flourishing" seems more like a footnote in a multi-year cycle.

From Huione to Tudou, and now to Xinbi, the power transition in this secret industry follows a cruel and precise curve of fate—

Glory and Spotlight. Once, Huione was the financial pillar of Southeast Asia, and Tudou was regarded as an unbeatable rising star. Each dominant force believed they had built an impenetrable barrier while harvesting the market. Xinbi now enjoys a monthly turnover of one billion dollars and attempts to create a "dual iron curtain" for communication and finance through SafeW, indeed surpassing its predecessors and reaching the peak of industry history.

The return of "gravity." History teaches us that in this track, the larger the traffic, the heavier the causality. The fall of Huione stemmed from the ongoing infiltration of multinational regulations, while Tudou's collapse began with the implosion of its credit system. As Xinbi absorbs every bit of lost traffic from Tudou, it also inherits the "original sin" behind this traffic.

Uncertainties under Sanctions. On March 26, 2026, the British government announced the world's first formal sanctions against Xinbi Guarantee. This means that Xinbi, as the new "leader" in the guarantee sector, has entered the sight of global regulators and has risen to become a financial threat that sovereign countries must eliminate.

Figure 5: Screenshot of the Announcement of Sanction Against Xinbi Guarantee by the British Government on March 26

Does Xinbi Have a Future?

Xinbi's current monthly turnover of one billion dollars is both a medal of its monopolistic position and a coordinate guiding regulatory forces for precise strikes. If history repeats itself, Xinbi may seek the next shell for another "dirty earth rebirth" when pressure reaches a critical point, just like its predecessors.

But the difference is that the regulatory technology (RegTech) in 2026 is not comparable to the past. With the transparency of on-chain analysis technology and the normalization of global judicial cooperation, the cost of invisibility is growing geometrically.

As Xinbi attempts to do business in a "black box" through SafeW, it also transforms itself into an island flashing red on the radar.

Bitrace reminds: This article is for objective analysis and fact disclosure in the industry, and does not constitute any business guidance. Cryptocurrency guarantee platforms often involve high-risk activities and cross-border compliance challenges, so users and practitioners should consciously abide by the laws and regulations of their locations and stay away from illegal trading activities.

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