● Covered by 2 sources · 2 reportsMedium impact2 positive
U.S. Disrupts Xinbi Guarantee Scam Marketplace, Seizes $52.8 Million in Crypto
Key points
- U.S. DoJ and Treasury acted against Xinbi Guarantee.
- $52.8 million seized from 52 cryptocurrency wallets.
- Xinbi Guarantee sanctioned and Telegram channels seized.
- Platform facilitated cyber scams, money laundering, human trafficking.
- Processed at least $24 billion in transactions since 2022.
Coordinated U.S. Action Against Illicit Marketplace
The U.S. Department of Justice (DoJ) and the Treasury Department announced coordinated actions targeting Xinbi Guarantee, an illicit online marketplace. These actions included seizing Telegram channels used by the service, confiscating two cryptocurrency wallets, and deploying the Scam Center Strike Force to Madagascar.
The Treasury Department's Office of Foreign Assets Control (OFAC) sanctioned Xinbi Guarantee, a Chinese-language platform, and two businesses accused of supporting its operations. The U.S. government also carried out a seizure of $52.8 million from 52 wallets connected to the platform.
Xinbi Guarantee's Operations and Disruption
Xinbi Guarantee, created in 2022, facilitated cyber scams, fraud, money laundering, and human trafficking. The platform had processed at least $24 billion in transactions since its inception. Its main Telegram channel was no longer available, and many associated usernames appeared deactivated following the U.S. actions.
A district court authorized the seizure of Telegram channels hosting the marketplace. This follows a similar designation by the U.K. in March.
Financial Seizures and Broader Efforts
Approximately $52 million of cryptocurrency involved in scam money laundering was restrained in one day as part of this operation. The total amount restrained by the Scam Center Strike Force now stands at approximately $938 million.
Secretary of the Treasury Scott Bessent stated that scam centers in Southeast Asia steal billions of dollars from American victims annually. The Trump Administration is focused on dismantling these overseas criminal enterprises and disrupting the networks behind this fraud.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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How outlets covered it
The U.S. government sanctioned Xinbi Guarantee, a Telegram-based illicit marketplace, and seized $52.8 million from associated wallets, leading to the platform's disruption. This action targets a significant facilitator of cyber scams, money laundering, and human trafficking, which had processed at least $24 billion in transactions since 2022.
The U.S. Department of Justice (DoJ) and Treasury Department took coordinated actions against Xinbi Guarantee, an illicit online marketplace facilitating cyber scams, freezing $52.8 million in cryptocurrency. This operation is part of a broader effort to dismantle overseas criminal enterprises and combat scam centers in Southeast Asia.