Tether Freezes $39M in USDT Linked to Xinbi Guarantee Scam Network
Tether, the issuer of USDT stablecoin, has frozen $39.27 million in funds linked to Xinbi Guarantee, a Telegram-based marketplace. The freeze affects 10 Tron addresses and is one of the largest single actions taken by Tether against a Telegram escrow network this year.
The blacklisted wallets were flagged by MistTrack on-chain tracing, which identified them as holding 39,273,713 USDT. This move follows a pattern set by Tether's earlier freeze of funds tied to Huione, another similar operation, which has resulted in the issuer freezing over $4.2 billion in illicit funds since 2022.
The UK imposed an asset freeze on Xinbi on March 26, 2026, and TRM Labs has estimated that Xinbi is one of Southeast Asia's largest illicit marketplaces, with around $24.2 billion in transaction volume.