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US sanctions Xinbi Guarantee marketplace tied to crypto scams
US authorities said they seized Telegram channels and cryptocurrency wallets tied to Xinbi Guarantee, freezing more than US$52 million in potentially laundered funds in one day.
The Trump administration sanctioned the Chinese-language marketplace Xinbi Guarantee, along with two affiliated organizations, as part of a wider US crackdown on transnational cybercrime, according to SCMP Economy. The US Department of Justice said the enforcement actions target a platform accused of facilitating scam centers that sell and buy illicit services aimed at Americans.
The DOJ also announced it seized Telegram channels and cryptocurrency wallets tied to Xinbi Guarantee, which has more than 650,000 users. The agency said the seizures and sanctions resulted in freezing more than US$52 million in potentially laundered funds in a single day.
Operations were conducted by the DOJ’s inter-agency Scam Centre Strike Force together with the US Treasury. SCMP Economy reported that Xinbi Guarantee runs on Telegram and is accused of acting as a central node connecting criminal syndicates with merchants.
SafeW Technology Co, based in Singapore, and Anwen Technology Co, based in Cambodia, were also hit by the sanctions, according to the report. They were named for allegedly providing applications that support Xinbi’s operations.