Xinbi kept pushing significant volume across public blockchains even after Telegram banned Chinese-language “guarantee services” in 2025, with TRM Labs attributing $17.9 billion in gross on-chain transaction volume to Xinbi-linked activity. The bigger signal is resilience: rather than shrinking under platform enforcement, Xinbi appears to have maintained—and then expanded—its throughput as liquidity and coordination channels were disrupted.
TRM Labs describes Xinbi’s response as a fast operational pivot that preserved transaction flow by moving coordination off Telegram and building more proprietary infrastructure. The platform shifted outreach to alternative messaging channels such as SafeW and rolled out an affiliated wallet product marketed as XinbiPay (also referred to as NewPay), creating a more closed-loop ecosystem that reduced reliance on third-party rails.
How Xinbi reconstituted liquidity after the crackdown
The timeline in the available data suggests the migration began in mid-2025 and that attributed wallet activity had rebounded by January 2026, indicating the adaptation was not only quick but durable. Within that arc, TRM Labs estimates approximately $8.9 billion in net crypto inflows into Xinbi-related wallets through early 2026, a figure that implies meaningful retained demand even as the surrounding environment became less permissive.
The contrast with peers is part of what makes Xinbi’s trajectory stand out: TRM Labs notes that competitors such as Huione, Haowang, and Tudou saw transaction volumes fall by roughly 70% to 100% under similar pressure. In this framing, Xinbi did not merely survive; it benefited from displacement, capturing liquidity that left other operators and roughly doubling net inflows after the enforcement wave.
It is also important that TRM’s $17.9 billion headline is explicitly a gross figure—counting inflows, outflows, and internal transfers across attributed wallets—rather than confirmed proceeds. The analysis flags internal fund recycling as a common pattern in guarantee-service ecosystems, which can inflate gross throughput and make activity look larger than the amount of “new” capital actually entering the network.
What this means for enforcement and compliance
Ari Redbord, TRM’s global head of policy, summarizes the playbook as services “learning to survive enforcement by fragmenting across platforms and building their own infrastructure.” Once coordination migrates to alternative messaging channels and value movement consolidates into proprietary wallet stacks, platform bans lose some bite and the enforcement challenge shifts toward attribution, disruption, and cross-platform coordination.
TRM links Xinbi’s resilience to its role in enabling large-scale scam ecosystems, including pig-butchering frauds and other organized cybercrime activity, which raises the compliance stakes beyond simple policy evasion. For regulators and compliance teams, the operational lesson is that monitoring needs to join two angles: communications-channel migration signals and granular wallet-flow analysis that separates genuine net inflows from churn-heavy internal transfers.