Xinbi Crypto Black Market Hit with $24B in Assets Frozen
US authorities have dealt a significant blow to the $24 billion crypto black market by targeting Xinbi Guarantee, a Chinese-language marketplace. The crackdown involves restraining over $52 million in cryptocurrency and seizing key infrastructure, including Telegram channels tied to the platform.
A federal court authorized the seizure of these channels on September 7, while investigators seized two wallets holding about $12 million and sought restraint of 47 additional addresses linked to vendors and suspected money laundering. The Treasury Department simultaneously designated Xinbi a significant transnational criminal organization and sanctioned SafeW Technology and Anwen Technology, companies tied to messaging and payment infrastructure used by the marketplace.
The measures extend beyond individual wallets. Xinbi had begun shifting merchant coordination and alleged laundering activity to the encrypted SafeW application around June 2025 and introduced XinbiPay, also known as NewPay, as scrutiny of its operations intensified.