US Freezes $52M in Assets, Sanctions Xinbi Scam Marketplace
The US Department of Justice (DOJ) and Office of Foreign Assets Control (OFAC) have taken action against Xinbi Guarantee, a crypto-enabled scam marketplace. The DOJ seized two wallets linked to Xinbi that were used to collect vendor payments, totaling approximately $12 million.
In addition, the government sought restraints on 47 more wallets believed to be connected to money laundering across Xinbi's broader network. A US District Court authorized the seizure of Telegram channels hosting the marketplace, which were allegedly used by vendors to advertise money laundering services and scam-investment websites.
The Treasury Department sanctioned Xinbi as a significant transnational criminal organization, along with SafeW Technology and Anwen Technology for providing infrastructure support. Xinbi processed over $24 billion in crypto and fiat since 2022, primarily through Southeast Asia.