US Treasury Freezes $52M in Cryptocurrencies Linked to Xinbi Scam Network
The US Treasury Department has taken action against Xinbi Guarantee and its associates for their involvement in large-scale scam operations. The department has frozen over $52 million worth of cryptocurrencies associated with Xinbi, including two wallets containing $12 million. The restraining order was issued by the Strike Force of the DOJ’s Scam Center.
The US Treasury also sanctioned two other entities, SafeW Technology and Anwen Technology, for their role in facilitating scam activities through encrypted messaging applications and cryptocurrency payments.
Additionally, the department accused North Korean hackers of being behind the operations on Xinbi's platform. The Treasury noted that Xinbi began using SafeW’s encrypted messaging application around June 2025, and that Anwen was behind the development of NewPay/XinbiPay for crypto payments in the marketplace.
The move is part of an international campaign targeting cryptocurrency scam networks. The UK has already sanctioned Xinbi to prevent it from accessing financial and crypto networks.