DOJ Freezes $52M Tied to Xinbi Guarantee Money Laundering Operation

The US Department of Justice has restrained over $52 million in cryptocurrency tied to Xinbi Guarantee and its vendor network. This move was part of a larger operation aimed at disrupting money laundering activities through the Chinese-language marketplace.

DOJ authorities seized two wallets containing approximately $12 million, which were used by Xinbi to collect payments for vendors operating on its platform. Additionally, they sought restraints against 47 other wallets believed to be connected to money laundering operations.

The operation targeted Telegram channels where Xinbi vendors advertised money laundering services and recruited workers for scam compounds in Southeast Asia. Tether assisted investigators with the operation, having previously frozen $39.3 million in USDT across 10 Tron addresses linked to Xinbi.