$52 Million in Crypto Frozen in US Crackdown on Chinese-Language Illicit Marketplace

US authorities have frozen over $52 million in cryptocurrency linked to Xinbi Guarantee, a Chinese-language illicit marketplace accused of facilitating money laundering for fraud rings in Southeast Asia.

The US Justice Department's Scam Center Strike Force carried out a joint crackdown targeting Xinbi Guarantee and its related companies. The department seized two Xinbi Guarantee crypto wallets used to receive payments from vendors, holding about $12 million in digital assets. Separately, authorities moved to freeze assets in 47 wallets suspected of being tied to money laundering in the Xinbi network.

The US Treasury Department designated Xinbi Guarantee a 'significant transnational criminal organization' and imposed sanctions on related companies, including SafeW Technology and Anwen Technology, for allegedly providing technical and financial services to Xinbi. The department also froze assets and property interests held in the United States by Xinbi Guarantee and the designated companies.

Xinbi Guarantee has processed more than $24 billion in cryptocurrency and fiat-currency transactions since around 2022, with most of the activity concentrated in Southeast Asia. North Korean hackers and organizations tied to the Prince Group also used the platform.