$52M Seized from Xinbi Guarantee Scam Network
The US Department of Justice (DOJ) has seized over $52 million in cryptocurrency from Xinbi Guarantee, a Chinese-language marketplace accused of operating as a scam network. The operation, which involved Treasury sanctions and assistance from Tether, targeted the platform's payment and communication network, including Telegram channels used to host the marketplace.
The DOJ claimed that Xinbi allowed scam center operators to communicate with vendors providing criminal services, including money laundering, fraudulent investment websites, and technical assistance. Investigators found that US victims' funds were being sent to these vendors, who promoted their money laundering services and shared cryptocurrency addresses for payments.
Treasury blacklisted Xinbi as a transnational criminal organization, along with SafeW Technology and Anwen Technology, for their involvement in the operations. The Office of Foreign Assets Control claimed that Xinbi had processed over $24 billion worth of digital assets and fiat currency since 2022.