Tether Freezes $39 Million in USDT Linked to Xinbi Guarantee

Tether, the stablecoin issuer, has frozen roughly $39.3 million in USDT held across 10 Tron addresses linked to Xinbi Guarantee, a Chinese-language guarantee marketplace.

MistTrack, an onchain tracing platform, first reported the freeze and found that the affected wallets held balances ranging from 1 USDT to approximately 10.8 million USDT.

Xinbi Guarantee emerged in 2022 as one of Southeast Asia's largest illicit crypto marketplaces, according to TRM Labs, which estimates it has processed around $24.2 billion in total transaction volume since its creation.