US DOJ Dismantles Xinbi Scam Marketplace, Seizes $12M in Crypto
The US Department of Justice (DOJ) has taken action against Xinbi Guarantee's ecosystem, seizing $12 million in crypto assets and freezing $40 million more. The move is part of a coordinated effort to dismantle Xinbi's alleged scam marketplace.
On Wednesday, the DOJ announced that its Scam Center Strike Force had seized two wallets used by Xinbi to collect vendor payments. Additionally, the agency requested restraints against 47 more wallets believed to be tied to money laundering across Xinbi's network.
The US Treasury's Office of Foreign Assets Control (OFAC) designated Xinbi as a significant transnational criminal organization and sanctioned technology providers SafeW Technology (Singapore) and Anwen Technology (Cambodia). OFAC alleged that these companies provided technological and financial support to Xinbi.