DOJ Freezes $52.8M in Cryptos Tied to Scammer Market on Telegram

The US Department of Justice (DOJ) has frozen $52.8 million in cryptocurrencies linked to Xinbi Guarantee, a Chinese-language Telegram market that sells tools for scammers to defraud people worldwide.

Agents worked with Elliptic, a blockchain analysis firm, to identify and freeze the funds. 'Elliptic has been tracking Xinbi and its wallet infrastructure for several years,' said Elliptic in a statement. 'Our intelligence enabled the freezing action and sanctions imposed on Xinbi today by the United States.'

Fifty-two wallets were frozen from September 8, all containing USDT (stablecoin tied to the dollar), with two worth approximately $12 million seized directly under a warrant issued today by the Department of Justice.