US Treasury Sanctions Xinbi; $52M in Crypto Assets Restained
American authorities seized over $52 million in cryptocurrency linked to the Xinbi Guarantee marketplace and sanctioned its associated technology providers.
The United States Department of Justice restrained more than $52 million in digital assets connected to Xinbi Guarantee. Law enforcement agencies operated on a coordinated effort to dismantle this transnational criminal organization. The Justice Department's Scam Center Strike Force seized two wallets holding approximately $12 million specifically used to collect payments from vendors. Officials sought restraints on an additional 47 wallets suspected of facilitating money laundering within the Xinbi network. On September 7, federal court granted permission to seize Telegram channels that hosted the marketplace and recruited operators for scam compounds in Southeast Asia. These platforms advertised services including custom investment websites and recruitment for industrial-scale fraud operations. The US Treasury Department's Office of Foreign Assets Control formally designated Xinbi as a significant transnational criminal organization. Additionally, authorities sanctioned SafeW Technology based in Singapore and Anwen Technology based in Cambodia. Both technology companies faced penalties for allegedly providing the technological infrastructure required to support Xinbi's operations.
