DOJ Credits Tether for Aid in $52 Million Xinbi Crypto Restraint

The U.S. Department of Justice (DOJ) has thanked Tether for its assistance in a coordinated enforcement action against Xinbi Guarantee, a Chinese-language marketplace on Telegram that allegedly provided services to scam centers and organized criminal groups.

According to the DOJ's Scam Center Strike Force, more than $52 million in cryptocurrency was restrained in a single day. The total restrained by the Strike Force now stands at approximately $938 million.

Tether stated that it has collaborated with over 340 law enforcement agencies across 67 countries, assisting in over 2,800 cases globally, including over 1,600 involving U.S. law enforcement. These efforts have contributed to the freezing of more than $5 billion in assets linked to illicit activity.

The Strike Force targets cryptocurrency investment fraud, cyber-enabled fraud, human trafficking, and money laundering operations. The team has deployed a team to Madagascar to assist local law enforcement in cracking down on scam centers in that country.