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Secret Service freezes $52.8 million in Telegram-linked crypto

The U.S. Treasury sanctioned the marketplace tied to scams that Elliptic traced, and the company behind the activity said the freeze was unfair.

Reported · Written up by our desk · Regulation

U.S. authorities have frozen $52.8 million in cryptocurrency that was linked to a Telegram-based scam marketplace, according to Decrypt.

Decrypt reports that blockchain tracing by Elliptic helped map the funds, and the U.S. Treasury sanctioned the marketplace involved in the scheme.

The story says Xinbi, which it describes as having run about $24 billion through the Telegram bazaar, challenged the freeze, calling it unfair.

The freeze highlights the ongoing use of blockchain analytics and sanctions to target crypto flows tied to fraud marketplaces, the outlet said.

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