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After security firms investigated the scheme behind the theft of Gate users’ assets, a new coin has become a leading collateral platform in Southeast Asia, with total revenue exceeding 1.6 billion USDT

MarsBitNews
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According to Mars Finance, a security firm, Bitrace, found through an on-chain investigation that after the Gate user theft case involving 1.7 million people, the attacker transferred the stolen proceeds into the same Newpay User address in multiple batches after extracting the victims’ funds. The entity in question is behind the encrypted payment tool launched by the newly issued coin custodian. Its predecessor was the 2025 Telegram Bot–based Non-KYC payment tool Xinbi Wallet. After the custodian developed and launched the proprietary app Xinbipay, this channel was shut down; users were then migrated to a mobile device application, and it was ultimately renamed to Newpay to avoid regulation. According to Bitrace monitoring, since the entity began operating, its total revenue has exceeded 1.6 billion USDT, and its business scale grew significantly after the end of 2025 following the collapse of the Huiwang Group. After the custody-linked payment tool known as the Prince Group was dismantled, major custody platforms such as the Xinbi Custodian, Jinbei Custodian, Dali Custodian, and Fuli Lai Custodian all carved up the Southeast Asia market.
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