What Is Xinbi Guarantee? How the U.S. Treasury Shut Down a $24 Billion Crypto Scam Hub
TLDR
- The U.S. Treasury sanctioned Xinbi Guarantee, a Chinese-language online marketplace used by cybercriminals for crypto-fueled scams
- Xinbi has processed over $24 billion in crypto and fiat since 2022, primarily through Southeast Asia
- The DOJ seized two wallets containing $12 million and sought restraints on 47 additional wallets, totalling over $52 million in crypto
- Xinbi was linked to North Korean hackers, the Prince Group, and money laundering networks operating via Telegram
- Two tech firms, Singapore-based SafeW Technology and Cambodia-based Anwen Technology, were also sanctioned for supporting Xinbi
The U.S. Treasury Department has sanctioned Xinbi Guarantee, an online marketplace accused of running large-scale crypto-linked criminal operations. The action was announced on Wednesday as part of a coordinated effort involving multiple federal agencies.
Today, Treasury’s Office of Foreign Assets Control sanctioned Transnational Criminal Organization Xinbi Guarantee, a Chinese-language platform used extensively by Chinese cybercriminals to support cyber scams, fraud, money laundering, and other criminal activity targeting…
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