US Cracks Down on Xinbi Guarantee, a $24 Billion Crypto Black Market
US authorities have taken a significant step in their crackdown on illicit crypto activities by targeting Xinbi Guarantee, a Chinese-language marketplace with an estimated $24 billion in annual transactions. The US Treasury Department designated Xinbi as a significant transnational criminal organization and sanctioned SafeW Technology and Anwen Technology, companies tied to messaging and payment infrastructure used by the marketplace.
As part of this effort, federal authorities restrained more than $52 million in crypto and seized key infrastructure, including two wallets holding about $12 million. The Treasury Department also authorized the seizure of Telegram channels tied to Xinbi on September 7.
The measures extend beyond individual wallets, targeting both the movement of funds and the infrastructure used to organize transactions. Xinbi had begun shifting merchant coordination and alleged laundering activity to the encrypted SafeW application around June 2025 and introduced XinbiPay, also known as NewPay, as scrutiny of its operations intensified.
Chainalysis revealed that North Korea-linked threat actors moved tens of millions of dollars in stolen cryptocurrency through vendors operating on the platform. These vendors offer services such as 'Black U' launderers, which help criminals break the direct on-chain link between stolen assets and the money they ultimately withdraw.