The Chinese escrow-based underground market Xinbi remains active following the 2025 Telegram crackdown, according to a report by TRM Labs. Xinbi has expanded its operations by migrating to SafeW and launching the XinbiPay wallet. To date, wallets associated with Xinbi have seen inflows of approximately $8.9 billion, with a total transaction volume of around $17.9 billion. In contrast, similar escrow services like Huione, Haowang, and Tudou have experienced significant declines in transaction volumes due to increased law enforcement pressure. TRM Labs highlights that escrow services, offering low-barrier custody, wallet, and matching functions, have become critical infrastructure for fraud and money laundering activities.