US hit on $24 billion crypto black market sends rival money launderers running for exits

US authorities have escalated their crackdown on Xinbi Guarantee, restraining more than $52 million in crypto and seizing key infrastructure.

A federal court authorized the seizure of Telegram channels tied to the Chinese-language marketplace on Sept. 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.

By sanctioning those service providers alongside wallet seizures, US authorities targeted both the movement of funds and the infrastructure used to organize transactions.

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