US Sanctions Chinese-Linked Scam Platform Xinbi Guarantee

The US government has taken action against a Chinese-linked scam platform called Xinbi Guarantee. According to authorities, Xinbi facilitated scams targeting Americans through fake investment websites and money laundering services on Telegram.

Xinbi was restrained by US officials for $52 million in cryptocurrency linked to the platform. The US Attorney for the District of Columbia also designated Xinbi as a transnational criminal organization tied to North Korean hackers.

In addition, 13 scam centers in Madagascar run by Chinese groups were shut down, resulting in the arrest of 500 people and the repatriation of 30 leaders to China. This operation has led to nearly $938 million being restrained by the US government linked to such scams to date.