Tether Freezes $39M in USDT Tied to Pig-Butchering Scam Platform

Tether, a leading stablecoin issuer, has taken action against Xinbi Guarantee, a Chinese-language escrow platform tied to pig-butchering scams and stolen funds. On September 8, Tether froze approximately $39.3 million in USDT held across 10 Tron addresses linked to Xinbi Guarantee.

The affected wallets ranged from a single dollar to roughly 10.78 million USDT in the largest address. A separate blockchain forensics firm, Bitrace, estimated that around $45 million was frozen across 21 addresses, including those labeled 'Xpay', which appears to correspond to Xinbi's newer payment service.

This move marks a broader net than previous actions taken by Tether against similar platforms. The presence of Xpay-linked addresses in Bitrace's tally suggests that investigators are now tracing money through Xinbi's newer payment rail, not just the guarantee-marketplace wallets that have drawn scrutiny since 2022.