US Sanctions Illicit Platform Facilitating $800K Crypto Scams

U.S. Attorney for the District of Columbia Jeanine Pirro announced new sanctions against Xinbi Guarantee, an online platform she described as 'an illicit scamming marketplace' used by Chinese cybercriminals.

Pirro said Xinbi helped facilitate scams targeting Americans by laundering money that victims sent to anonymous individuals online, many of whom were promoting fraudulent cryptocurrency investment opportunities.

A Virginia resident reportedly lost $800,000 in a scheme like this. 'Our team was able to follow the funds as they were laundered through the Xinbi Guarantee Network,' said Tara McLeese, a special agent with the Secret Service.

The Treasury Department designated Xinbi a transnational criminal organization, accusing it of being tied to North Korean hackers and other criminal syndicates.