U.S. Secret Service Freezes $52.8 Million in Crypto Linked to Xinbi
- The U.S. Secret Service froze $52.8 million in USDT held across 52 wallets tied to Xinbi Guarantee on September 8.
- Xinbi was designated a “significant transnational criminal organization” by the Treasury’s OFAC, and the DOJ’s Scam Center Strike Force has seized $938 million since November.
- Xinbi moved $2.8 million into USDD, a stablecoin without USDT’s freeze capability, despite being partly backed by USDT reserves.
- Since its inception in November, the DOJ’s Scam Center Strike Force has seized approximately $938 million in scam-related cryptocurrency.
The U.S. Secret Service took action against Xinbi Guarantee by freezing significant amounts of cryptocurrency linked to illicit activities on Telegram-based platforms. This move underscores ongoing efforts to combat global scams facilitated through digital currencies.
This operation highlights the collaboration between government agencies and blockchain analytics firms like Elliptic to track and disrupt criminal financial networks using cryptocurrencies such as USDT. (Source)
