Chainalysis found that DPRK-linked actors laundered tens of millions of dollars stolen in the Bybit and WazirX hacks through Xinbi Guarantee's vendor network. Specialized “Black U” vendors substituted traceable stolen assets for less-tainted stablecoins sourced from other illicit proceeds, enabling conversion through unlicensed OTC desks. U.S. authorities sanctioned Xinbi and supporting technology firms while seizing or restraining more than $52 million in cryptocurrency tied to the marketplace and its vendors.