US Seizes Over $52M in Crypto from Chinese-Language Scam Marketplace
US authorities have restrained over $52 million in cryptocurrency tied to Xinbi Guarantee, a Chinese-language scam marketplace operating on Telegram.
The Department of Justice's Scam Center Strike Force led the seizure, targeting two wallets holding about $12 million and seeking restraints on 47 more wallets.
Xinbi allowed vendors to sell services to scam center operators, including building fake investment websites, laundering stolen funds, and recruiting workers for scam compounds in Southeast Asia.
The Treasury Department sanctioned Xinbi along with two tech firms, SafeW Technology and Anwen Technology, for supporting the network. The sanctions block Xinbi's property in the US and stop US persons from doing business with the three designated entities.
Treasury says Xinbi has processed over $24 billion in crypto and fiat since 2022, used in part by North Korean hackers. This is not the first government to target Xinbi; the UK sanctioned the platform in March, freezing UK assets connected to it.