US Dismantles $24B Crypto Fraud Empire with Xinbi Guarantee Takedown

The U.S. Treasury has taken down Xinbi Guarantee, a Chinese-language digital marketplace accused of facilitating cryptocurrency-related criminal activities.

Xinbi handled over $24 billion in transactions since its launch in 2022, with a significant portion conducted in digital currencies.

Authorities confiscated two digital wallets containing approximately $12 million and obtained court orders to freeze an additional 47 wallets associated with money laundering, bringing the total seized assets beyond $52 million.

Xinbi had connections to North Korean cybercriminals, the Prince Group organization, and money laundering rings coordinating through Telegram.