US Cracks Down on Xinbi Scam Marketplace with $52M Crypto Freeze
US authorities have taken action against Xinbi Guarantee, a notorious scam marketplace in Southeast Asia. The US Justice Department said it restrained over $52 million in crypto linked to Xinbi and its vendor network as part of a coordinated operation.
The DOJ seized two wallets containing about $12 million used by Xinbi to collect vendor payments. Law enforcement also sought restraints against 47 additional wallets believed to be connected to money laundering across Xinbi's network.
The US District Court for the District of Columbia authorized the seizure of Telegram channels hosting the marketplace on September 7. According to the unsealed warrant, vendors used these channels to advertise money laundering, custom scam-investment websites and recruitment services for scam compounds in Southeast Asia.