U.S. Treasury Takes Down Billion-Dollar Crypto Scam Empire Xinbi Guarantee

The U.S. Treasury Department has taken down Xinbi Guarantee, a digital marketplace implicated in orchestrating extensive cryptocurrency-related crimes. Federal agencies announced the coordinated enforcement action on Wednesday.

Xinbi, which operated as a Chinese-language service since approximately 2022, facilitated transactions exceeding $24 billion, with a substantial portion conducted in digital currencies. The operation allegedly enabled fraudulent call centers throughout Southeast Asia to acquire equipment and wash illicit proceeds.

Federal prosecutors confiscated two cryptocurrency wallets that Xinbi utilized for collecting vendor fees, containing approximately $12 million in cryptocurrency. They also obtained judicial authorization to freeze 47 additional wallets associated with money laundering throughout Xinbi's broader operational network, bringing the total seized assets beyond $52 million.