US DOJ Shuts Down Massive Chinese Scam Network on Telegram
The US Department of Justice (DOJ) has taken down a Chinese scam network that allegedly targeted Americans with retirement accounts. The network, called Xinbi Guarantee, operated on Telegram and had over 650,000 users. It functioned as an escrow service for vendors and scam-center operators, holding payments until the promised services were delivered.
According to the DOJ, investigators traced U.S. victims' funds to vendors that advertised money-laundering services and posted cryptocurrency wallets for payment on Telegram. The network allegedly processed over $24 billion in digital assets and traditional currency since launching around 2022.
The coordinated actions restrained more than $52 million in cryptocurrency, bringing the Strike Force's total restrained funds to about $938 million. US Attorney Jeanine Pirro said that Chinese organized crime can buy custom websites and money laundering services like ordering takeout, putting every American with a retirement account at risk.