US Sanctions Xinbi, Seizes Over $52M in Cryptocurrency Assets

The US Treasury's Office of Foreign Assets Control (OFAC) has added Xinbi Guarantee to its sanctions list, designating it as a significant transnational criminal organization. The platform is accused of facilitating fraudulent operations and helping launder stolen funds.

As part of the operation, the Justice Department's Scam Center Strike Force seized two cryptocurrency wallets used by Xinbi to collect payments for sellers, containing approximately $12 million. Authorities also sought to block an additional 47 wallets allegedly involved in money laundering within the marketplace network.

The total value of assets seized exceeds $52 million. The Justice Department thanked Tether, the issuer of USDT, for assisting in the investigation.