Woofun AI reports that security firm Bitrace traced stolen assets from a Gate user to Newpay, a crypto payment tool operated by Xinbi Guarantee. The investigation revealed multiple transfers of the victim's funds to this specific address.

Newpay evolved from the Telegram-based Xinbi Wallet into a proprietary mobile application to bypass regulatory scrutiny. Since its inception, the entity has generated over 1.6 billion USDT in total revenue. Following the collapse of Huiwang and Princes groups, Xinbi Guarantee and other secondary platforms have expanded their dominance in the Southeast Asian market.