Crypto
US Takes Down Chinese Scam Network on Telegram
The US Justice Department (DOJ) has taken down a Chinese-language online marketplace called Xinbi Guarantee, which allegedly sold services to scam centers targeting Americans.
Xinbi operated on Telegram and functioned as an escrow service for vendors and scam-center operators, holding payments until the work was completed. The platform had over 650,000 users.
The DOJ's Scam Center Strike Force and the Treasury Department took coordinated action against Xinbi, seizing its Telegram channels and cryptocurrency wallets. They restrained more than $52 million in cryptocurrency allegedly tied to scam money laundering in one day, bringing the total restrained funds to about $938 million.