US Treasury Sanctions Xinbi Guarantee and Related Entities for Crypto-Linked Fraud
The US Treasury has added Xinbi Guarantee, an online marketplace linked to crypto-related fraud and illicit activities, to its sanctions list. The platform, allegedly used by Chinese cybercriminals, assisted fraud hubs in purchasing necessary products and facilitated money movements associated with criminal activities.
According to the agency's data, up to $24 billion in transactions have been conducted through Xinbi since it began operations in 2022, with a significant portion linked to cryptocurrencies. Xinbi is also accused of supporting money laundering networks, being used by North Korean hackers, and being connected to Prince Group, which was previously targeted by similar Treasury sanctions.
The sanctions extend to SafeW Technology, a Singapore-based company that developed an encrypted messaging application allegedly used by Xinbi for its commercial and money laundering activities. Anwen Technology, based in Cambodia, is also included, as it reportedly developed the XinbiPay wallet application.