DOJ Targets Xinbi Guarantee Network, Restrains over $52M in Crypto
Authorities say the marketplace processed more than $24 billion and helped scam centers move money and recruit workers for fraud operations.
- The United States Secret Service froze $52.8 million in cryptoassets linked to Xinbi, targeting the financial infrastructure supporting the illicit online marketplace.
- Since 2022, Xinbi Guarantee has processed at least $24 billion in transactions, making it the second-largest illicit online marketplace operating primarily through Southeast Asia.
- On Wednesday, the Justice Department seized Telegram channels and two wallets containing about $12 million, while investigators pursued 47 additional wallets across the alleged laundering network.
- The Treasury Department's Office of Foreign Assets Control designated Xinbi a significant transnational criminal organization, also sanctioning Singapore-based SafeW Technology and Cambodia-based Anwen Technology for providing support.
- Elliptic, a risk intelligence firm, provided intelligence that exposed the operations; this enforcement follows previous actions against Huione Guarantee and reflects broader dismantling efforts.
52 Articles
52 Articles
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US sanctions messenger-based marketplace over reported North Korea cyber fraud
The U.S. has slapped sanctions on an illicit online marketplace allegedly used by Chinese and North Korean cybercriminals in multibillion dollar fraud schemes targeting Americans through “scam centers” in Southeast Asia. The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on Wednesday imposed sanctions on Xinbi Guarantee, a Chinese-language online marketplace that operated on […]
In a bold move to combat cyber fraud, the United States has announced actions against the Xinbi Guarantee market, resulting in the freezing of millions of dollars in cryptocurrencies. The United States disrupts the Xinbi Guarantee scam market and freezes $52.8 million in cryptocurrencies. The U.S. Department of Justice (DoJ) announced on Wednesday coordinated actions targeting an illegal electronic market called Xinbi Guarantee, which offers fra…
DOJ targets Xinbi Guarantee network, restrains over $52M in crypto
US authorities have restrained more than $52 million in cryptocurrency tied to Xinbi Guarantee and its vendor network while seizing wallets and Telegram channels used by the Chinese-language marketplace. The US Department of Justice said on Sept. 9 that its…
Cointelegraph
The New York LedgerUS Sanctions Xinbi, Restrains $52M in Crypto
The Treasury says Xinbi processed over $24 billion in crypto and fiat while supporting scam operations across Southeast Asia.
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