US Justice Department Takes Down Xinbi Guarantee Scam Marketplace
The US Department of Justice (DOJ) has taken down Xinbi Guarantee, a Chinese-language marketplace on Telegram with over 650,000 users. Authorities say it operated as an escrow service for vendors and scam-center operators, processing more than $24 billion in digital assets since launching around 2022.
The DOJ's Scam Center Strike Force and the Treasury Department coordinated action against Xinbi, seizing Telegram channels and cryptocurrency wallets tied to the platform. They restrained over $52 million in cryptocurrency allegedly tied to scam money laundering in one day, bringing the Strike Force's total restrained funds to about $938 million.
Xinbi allegedly held payments until vendors completed their work, a form of escrow meant to assure scammers that promised services would be delivered. Investigators traced US victims' funds to vendors advertising money-laundering services and posting cryptocurrency wallets for payment on Telegram.