US Sanctions Xinbi Over Crypto Scam Network
The US Treasury Department has sanctioned Xinbi Guarantee and its associated networks for their involvement in large-scale scam operations throughout Southeast Asia.
Xinbi, an online cryptocurrency platform, was targeted by the US government, which imposed a restraint order on over $52 million worth of cryptocurrencies belonging to the company and its vendor networks.
The Department of Justice (DOJ) also seized two wallets from Xinbi that contained over $12 million in cryptocurrencies. Additionally, a restraining order was issued against 47 other wallets associated with Xinbi's operations.
Tether reportedly assisted US investigators in the operation, and officials from the Treasury Department targeted businesses associated with Xinbi's technology and finance networks.