US Takes Down Chinese Scam Network Targeting Americans' Retirement Accounts
The US Department of Justice (DOJ) has taken down a Chinese-language marketplace called Xinbi Guarantee, which allegedly sold services to online scam centers targeting Americans. The DOJ's Scam Center Strike Force and the Treasury Department took coordinated action against Xinbi, seizing Telegram channels and cryptocurrency wallets tied to the platform.
Xinbi, with over 650,000 users, operated as an escrow service for vendors and scam-center operators on Telegram. Authorities restrained more than $52 million in cryptocurrency allegedly tied to scam money laundering in one day, bringing the Strike Force's total restrained funds to about $938 million.
U.S. Attorney Jeanine Pirro said, 'If Chinese organized crime can buy a custom website and a money laundering service the way you order takeout, then every American with a retirement account is in the blast radius.'