US Sanctions Xinbi Guarantee for Facilitating Crypto-Linked Crimes

The US Treasury has sanctioned Xinbi Guarantee, an online marketplace accused of facilitating large-scale crypto-linked crimes. The platform, which launched in 2022, has processed over $24 billion in transactions, primarily in Southeast Asia.

Xinbi allegedly supported scam centers in the region by providing supplies and laundering money. It also aided North Korean hackers and entities tied to the sanctioned Prince Group.

The Department of Justice seized two wallets containing $12 million in crypto and sought court orders to restrain 47 additional wallets, totaling over $52 million in crypto.