Money stolen from scam victims likely represents the “vast majority” of that sum, according to Elliptic's cofounder Tom Robinson. Yet even as the market serves Chinese-speaking scammers, it also boasts on the top of its website—in Mandarin—that it's registered in Colorado. “Xinbi Guarantee has served as a giant, purportedly US-incorporated illicit online marketplace for online scams that primarily offers money laundering services,” says Robinson. Xinbi Guarantee is the second such crime-friendly Chinese-language market that Robinson and his team of researchers have uncovered over the past year. “Criminal activities like scamming or money laundering are forbidden by Telegram's terms of service and are always removed whenever discovered,” Telegram spokesperson Remi Vaughn wrote to WIRED in a statement.