$52.8M in Crypto Frozen as US Targets Chinese Scam Marketplace Xinbi Guarantee

The US Department of Justice (DOJ) has restrained $52.8 million in cryptocurrency tied to Xinbi Guarantee, a Chinese-language scam marketplace that provided infrastructure and services to scam operations.

The action was part of a coordinated effort with the U.S. Treasury and involved the seizure of Xinbi's Telegram infrastructure and new sanctions from the Office of Foreign Assets Control (OFAC).

Elliptic, a blockchain intelligence firm, helped track Xinbi's wallets and provided critical information to the US Secret Service.