US Smashes $24 Billion Crypto Black Market, Sends Rivals Scrambling
US authorities have cracked down on Xinbi Guarantee, a Chinese-language marketplace that processed an estimated $24 billion in digital assets and fiat. The crackdown includes restraining over $52 million in crypto and seizing key infrastructure.
The Treasury Department designated Xinbi as a significant transnational criminal organization and sanctioned SafeW Technology and Anwen Technology, companies tied to messaging and payment infrastructure used by the marketplace.
Xinbi had begun shifting merchant coordination and alleged laundering activity to the encrypted SafeW application around June 2025. The platform provided financial infrastructure that connects cyber theft, fraud proceeds, and underground cash-out networks.
North Korean hackers revealed Xinbi's role in crypto laundering, with Chainalysis stating that tens of millions of dollars in stolen cryptocurrency were moved through vendors operating on the platform.