US Cracks Down On Xinbi Scheme By Restraining $52M In Crypto Across Its Marketplace

TL;DR:

• U.S. authorities restrained more than $52 million in cryptocurrency linked to Xinbi, seized two wallets holding about $12 million, and targeted 47 additional wallets.
• Investigators also seized Telegram channels where vendors allegedly advertised money laundering, scam-investment websites and recruitment services for Southeast Asian scam compounds.
• Treasury designated Xinbi a transnational criminal organization, sanctioned SafeW and Anwen, and said the marketplace processed over $24 billion in crypto and fiat since 2022.

United States authorities have restrained more than $52 million in cryptocurrency linked to Xinbi Guarantee and its vendor network, escalating a coordinated campaign against the alleged scam marketplace. The Justice Department seized two wallets containing about $12 million and sought restraints on 47 additional wallets suspected of supporting money laundering across the network. The action targets not only suspected proceeds, but the financial infrastructure that allowed the marketplace to operate at scale. A federal court also authorized the seizure of Telegram channels used to host Xinbi’s services on September 7 before the marketplace could react.

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