US Freezes $52M in Crypto Assets Linked to Scam Marketplace Xinbi

The US Department of Justice (DOJ) has taken action against Xinbi Guarantee's ecosystem, freezing $52 million in crypto assets. The move aims to dismantle parts of the platform and disrupt its operations.

The DOJ seized two wallets used by Xinbi to collect vendor payments totaling around $12 million. It also sought restraints on 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).