On September 8, Tether launched a large-scale freeze against the Telegram cryptocurrency collateral platform. The Beosin team analyzed the related addresses using the blockchain tracing and analysis tool Beosin Trace. Among all the addresses frozen in this operation, 19 were for the Xinbi Guarantee platform, with a frozen amount of approximately $43.437 million; 31 were merchant addresses of Xinbi Guarantee, with a frozen amount exceeding $9 million. The specific analysis results are shared below:
Changes in the Guarantee Platform: Xinbi Guarantee Rises
In 2025, the United States intensified sanctions against online crime in Southeast Asia, with collateral platforms involving cryptocurrency trading in illegal activities becoming targets. According to Beosin's statistical data, in 2025, the number of users on mainstream illegal collateral platforms exceeded 330,000, with more than 1.26 million transactions and over 8.7 billion USDT in transaction volume.
After Huione Guarantee was closed by Telegram in May 2025, Tudou Guarantee became the main successor to Huione Guarantee. Huione Guarantee shifted its business to Tudou Guarantee through stock acquisitions and customer diversion.
In December 2025, due to the pressure of sanctions, Tudou Guarantee began to withdraw merchants and users, actively cutting ties with related fraud industries. Some original Tudou Guarantee merchants, after canceling their collateral, directly moved to Xinbi Guarantee to continue their business. Data showing the on-chain activity of their collateral addresses is as follows: according to Beosin Trace analysis, from January 8 to 16, 2026, the transaction volume of Xinbi Guarantee's collateral addresses remained at 2,700-2,800 per day, indicating a surge in business:
In April 2026, Tudou Guarantee voluntarily closed its related collateral business due to the arrest of officials related to the Prince Group and events associated with Huione Payment, allowing Xinbi Guarantee to become the leading collateral platform. Additionally, there are many second-tier collateral platforms in Southeast Asia, such as Angel Guarantee, Dali Guarantee, Binance Guarantee, etc. These platforms have engaged in more differentiated collateral trading services. It is also worth mentioning that there are hundreds of small and medium-sized collateral platforms that operated briefly to provide collateral services for more socially harmful illegal trades such as drugs, human trafficking, smuggling, etc.
Analysis of Frozen Addresses of Xinbi Guarantee
This freeze includes 19 addresses from the Xinbi Guarantee platform and 31 addresses of its merchants. Through Beosin Trace and the anti-money laundering analysis platform Beosin KYT, analysis of the main addresses yielded the following results:
The address with the largest frozen amount in this incident is TWPma8xH48AEN93x2krdukV9e1j6sPsBeS, with approximately $10.78 million frozen. This address is a collateral address for Xinbi Guarantee and has been active since August 31 of this year. Its fund flow is illustrated in the following diagram:
Beosin Trace fund flow diagram
This address has received a total of nearly $143 million, transferring $132 million. In this freezing operation, all subsequent five layers of addresses related to its fund flow were also frozen by Tether.
The main sub-collateral address frozen is: TXHX2NUvcgft4zs6MkkUtdNVERPTavHDWN, which became active on July 17 of this year, with transaction volume approximately $920 million, of which about $205 million flowed to merchants related to Xinbi Guarantee and $26.61 million flowed to merchants related to Tudou Guarantee:
Beosin KYT transaction data analysis
The flow of funds from the 19 Xinbi Guarantee platform collateral addresses is illustrated in the following diagram. External funds flow into the Xinbi Guarantee platform or collateral addresses, and after completing offline transactions or money laundering activities, the platform settles and distributes the funds to specific return addresses:
Beosin Trace fund flow diagram
Currently, Xinbi Guarantee has switched to using the USD Digital Dollar (USDD) stablecoin to conduct business, and Beosin will continue to monitor the activities and transaction data of the related addresses.
Conclusion
This is the largest on-chain freeze operation by Tether in recent times, and transaction counter-parties related to the Xinbi Guarantee platform/merchants also face the risk of being frozen. For virtual asset service providers (VASPs) and companies providing virtual asset/stablecoin payment services, it is essential to build a professional blockchain anti-money laundering system to identify entities related to Xinbi Guarantee, assess the risk of on-chain addresses, and avoid having their own business addresses frozen.
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