DOJ Seizes $52M in Crypto Linked to Xinbi Guarantee Network
The US Department of Justice (DOJ) has restrained over $52 million in cryptocurrency tied to Xinbi Guarantee and its vendor network. The operation targeted two wallets holding approximately $12 million, while seeking restraints against another 47 wallets suspected of being involved in money laundering.
The DOJ's Scam Center Strike Force worked with Tether, which had previously frozen $39.3 million in USDT across 10 Tron addresses linked to Xinbi. The US authorities seized Telegram channels used by Xinbi vendors to advertise money laundering services and recruit workers for scam compounds in Southeast Asia.
Xinbi was described as a Chinese-language marketplace where vendors offered services such as building custom websites for fraudulent investment schemes, laundering money stolen through wire fraud, and recruiting workers for scam compounds. The platform served as an intermediary between vendors and customers, holding funds until the purchased services had been delivered.