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U.S. Treasury sanctions Xinbi Guarantee in crypto-linked cyber-scam case
Treasury said Xinbi Guarantee handled crypto-infused scam and illicit finance transactions totaling up to $24 billion since 2022, and the Justice Department previously seized or took control of about $52 million in cryptocurrency.
CoinDesk reports the U.S. Treasury Department sanctioned transnational platform Xinbi Guarantee, accusing it of being extensively used by Chinese cybercriminals to run crypto-infused scams and other illicit financial activity.
According to the Treasury’s Office of Foreign Assets Control, the alleged organization supported scam centers by helping them purchase necessary items and by facilitating financial activity tied to criminal operations, with transactions totaling as much as $24 billion since the Chinese-language platform began in 2022.
Treasury said Xinbi was also linked to money laundering networks and had been used by North Korean hackers, with much of the activity conducted over Telegram. The UK’s Foreign, Commonwealth, and Development Office also sanctioned Xinbi in March.
CoinDesk added that, in a related action, the U.S. Department of Justice and other agencies pursued the network and seized or gained control of about $52 million in cryptocurrency. As part of the alleged shift in activity, Treasury said the sanctions also extended to SafeW Technology and Anwen Technology.