$52.8 Million in Crypto Frozen Amid Ongoing Crackdown on Global Scam Marketplace Xinbi Guarantee

The U.S. Secret Service has frozen $52.8 million in cryptocurrency linked to Xinbi Guarantee, a Chinese-language marketplace on Telegram that facilitates global scams.

Xinbi is an escrow system where vendors post crypto deposits as collateral for operators to trust they'll receive the goods or services paid for, which can range from stolen personal data to money-laundering services.

The Secret Service worked with Blockchain analytics firm Elliptic to identify and freeze the funds. Fifty-two wallets were frozen on September 8, all holding USDT, Tether's dollar-pegged stablecoin.

Xinbi has processed at least $24 billion in transactions since 2022, making it the second-largest illicit online marketplace ever tracked by Elliptic.