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US restrains Xinbi crypto black market infrastructure, wallets
The Treasury designated Xinbi as a significant transnational criminal organization and sanctioned linked payment and messaging providers tied to the marketplace.
US authorities escalated their crackdown on the Xinbi crypto black market by restraining more than $52 million in crypto, authorizing the seizure of Telegram channels tied to the platform on Sept. 7, and moving against multiple crypto wallets and addresses used by vendors, CryptoSlate reported.
According to the report, investigators seized two wallets holding about $12 million and sought court restraint of 47 additional addresses linked to marketplace vendors and suspected money laundering activity.
The Treasury Department designated Xinbi as a significant transnational criminal organization and sanctioned SafeW Technology and Anwen Technology, companies tied to messaging and payment infrastructure used by the marketplace. The actions were aimed both at moving funds and at the service providers used to organize transactions.
The crackdown follows earlier pressure on Xinbi’s USDT network, including freezes affecting operational wallets used to receive, route and withdraw stablecoins. CryptoSlate also cited Chainalysis, which said North Korea-linked threat actors moved tens of millions of dollars in stolen cryptocurrency through vendors operating on the platform.