US Restrains $52M Crypto Linked to Major Scam Marketplace
The US government has taken significant action against Xinbi Guarantee, a major player in the scam marketplace. According to recent developments, authorities have restrained over $52 million in crypto linked to Xinbi and its vendor network.
A coordinated operation led by the US Justice Department's Scam Center Strike Force resulted in the seizure of two wallets containing approximately $12 million. Additionally, law enforcement sought restraints against 47 more wallets believed to be connected to money laundering across Xinbi’s network.
The Treasury Department also designated Xinbi as a significant transnational criminal organization and sanctioned Singapore-based SafeW Technology and Cambodia-based Anwen Technology for allegedly providing technological and financial support to Xinbi. Xinbi has processed over $24 billion in crypto and fiat since 2022, primarily through Southeast Asia.
The operation targets the financial and communications infrastructure supporting industrial-scale scam centers, expanding enforcement beyond individual operators to marketplaces and service providers that enable these networks to function.