$52M Crypto Freeze Hits Xinbi Scheme Amid Sanctions Crackdown

The US government has taken action against Xinbi by freezing $52 million in crypto assets across its marketplace. This move is part of a broader effort to crack down on illicit activities in the cryptocurrency space.

Xinbi, it appears, had been using stablecoins like USDT and Bitcoin to facilitate transactions that may be tied to sanctions evasion or other illicit activities.

Regulatory bodies have identified $52 million in crypto assets that were linked to Xinbi's operations. This amount includes $39 million in USDT frozen across 10 addresses on the TRON network, according to a report from forensic firm MistTrack.