Tether Freezes $39M in USDT Linked to Illicit Xinbi Guarantee Marketplace

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

Xinbi emerged on Telegram around 2022 and developed into one of Southeast Asia's largest illicit crypto marketplaces, according to TRM Labs, which estimates that the platform has processed approximately $24.2 billion in total transaction volume since its creation.

The action follows previous USDT freezes involving funds linked to Huione Guarantee, another Telegram-based guarantee marketplace.