Tether Freezes Millions Linked to Sanctioned Telegram Escrow Platform
Tether has frozen approximately $39,273,713 in USDT across 10 TRON addresses linked to Xinbi Guarantee, a Telegram-based escrow platform.
The freeze comes after Tether previously froze Huione Guarantee-linked funds, marking another crackdown on illicit escrow platforms.
TRM Labs estimates that Xinbi has handled around $2.42 billion in transactions since its inception in 2022, making it one of the largest illicit cryptocurrency marketplaces in Southeast Asia.
The UK government sanctioned Xinbi Company Limited in March, accusing it of enabling scams and human rights abuses for financial gain.
Tether's freeze mechanism allows the company to block specific addresses from transferring USDT, but it remains unclear whether this move will impact Xinbi's overall operations.