Crypto
Pirro Targets Illicit Marketplace Used by Chinese Cybercriminals
US Attorney Jeanine Pirro announced sanctions against Xinbi Guarantee, an illicit marketplace used by Chinese cybercriminals to facilitate scams targeting Americans.
The platform helped launder money that victims sent to anonymous individuals online, often promoting fraudulent cryptocurrency investment opportunities.
Pirro said her Scam Center Strike Force restrained $52 million in cryptocurrency on the Xinbi network, and the Treasury Department designated Xinbi a transnational criminal organization.
The designation effectively cuts Xinbi off from the US financial system by prohibiting Americans from doing business with it and requiring any blocked assets to be reported.