Tether Freezes $39M Amid Ongoing Sanctions Against Xinbi Guarantee
Tether has frozen approximately $39.3 million in USDT across 10 Tron addresses linked to Xinbi Guarantee, expanding on its series of stablecoin blacklists targeting wallets associated with high-risk and sanctioned crypto networks.
The affected addresses held a combined 39,273,713 USDT when they were frozen on September 8, according to blockchain-tracking platform MistTrack. The largest wallet held over $10 million, with the restrictions preventing the affected USDT from being transferred at the token-contract level.
Xinbi emerged in 2022 as a Chinese-language guarantee marketplace offering escrow infrastructure to vendors operating through Telegram. Its activity has since expanded well beyond the $8.4 billion traced to the platform when it first drew wider scrutiny in May 2025.
The UK imposed an asset freeze on Xinbi in March, becoming the first country to sanction the marketplace. The designation accused Xinbi of enabling and profiting from Southeast Asian scam centers and providing crypto services used to move criminal proceeds.