Devastated❗️The $1.7 million in digital assets belonging to 'First Beauty' has already flowed into the gray market today❗️ A lot of people think this is just another case of an exchange account being hacked. But in reality, what’s truly worth paying attention to is where the funds ultimately ended up. What exactly is Xinbi (新币担保)? I hadn’t heard of it before either. After doing some research, I found out it’s not just an ordinary platform—it’s a Chinese underground escrow market primarily active on Telegram and SafeW. This place is a hub for all kinds of black and gray market activities, including: ▪️ Laundering stolen USDT ▪️ Illegal OTC fund exchanges ▪️ Trading stolen data ▪️ Buying and selling fake IDs ▪️ Selling scam tools Public records show its cumulative transaction volume is reportedly over $20 billion. Even more shocking, multiple investigative reports have linked it to Southeast Asian scam networks and money laundering operations. It was even sanctioned by the UK in March 2026. This time, the $1.7 million in digital assets stolen from Gate user 'First Beauty' has, according to on-chain data, ended up in an address associated with Xinbi. On-chain investigator ZachXBT even bluntly stated: There’s little point in continuing to trace the funds because they’ve already entered Xinbi’s network of illegal Chinese marketplaces. Why is that? Because for many black and gray market operations, exchanges are not the endgame. Xinbi is the real money laundering infrastructure. Once funds enter this system, they’re typically cleaned through escrow trades, OTC exchanges, and multi-address splitting. Recovering them becomes exponentially harder. Many people focus on how the money was stolen. But what’s truly worth studying is where the money went. Only by understanding the flow of funds can we truly grasp how black and gray markets complete the entire money laundering chain. 'Study the past to understand the future. Use others as a mirror to see your own gains and losses.' We need a truly effective fund security system for crypto users. Crypto friends, please share your thoughts