US Sanctions Xinbi Guarantee Over Cyber Scams

The Trump administration has taken action against Chinese-language marketplace Xinbi Guarantee, along with two affiliated organizations, as part of a crackdown on transnational cybercrime. The US Department of Justice announced that it had seized Telegram channels and cryptocurrency wallets tied to the platform, which has over 650,000 users.

As a result of this operation, more than $52 million in potentially laundered funds was frozen in just one day. This move marks a significant step in the administration's efforts to combat cybercrime and protect consumers from scams.

The sanctions against Xinbi Guarantee are aimed at disrupting its operations and holding those responsible accountable for their actions.