US Sanctions Xinbi Guarantee Over $24 Billion Cyber Crime Network

The US Department of the Treasury has sanctioned Xinbi Guarantee, an illicit marketplace accused of operating a transnational cyber crime network. The Office of Foreign Assets Control officially listed Xinbi as a significant transnational criminal organization on September 9. This designation targets a platform that connected Southeast Asian scam centers with money launderers, technology providers, and other criminal service vendors. Xinbi emerged around 2022 and processed more than $24 billion in digital assets and fiat currency through its escrow-based model. The company acted as an intermediary between fraud operators and merchants providing services such as website development and stolen proceeds laundering. Authorities coordinated this action with the Justice Department's Scam Center Strike Force, which seized infrastructure and digital wallets linked to the scheme. Federal officials stated they restrained approximately $52 million in cryptocurrency associated with scam money laundering in a single day. This brings the total assets restrained by the strike force to about $938 million. The sanctions also extended to SafeW Technology Co Ltd in Singapore and Anwen Technology Co Ltd in Cambodia for their financial and technological support roles.