US Authorities Seize $52 Million in Crypto Linked to Xinbi Scam Marketplace
- Over $52 million in cryptocurrency was restrained by US authorities connected to Xinbi Guarantee and its vendor network.
- The US Justice Department seized two wallets containing approximately $12 million used for vendor payments.
- 47 additional wallets believed to be involved in money laundering were also targeted as part of the operation.
- Xinbi has processed over $24 billion in crypto and fiat since around 2022, mainly through Southeast Asia.
- The US Treasury designated Xinbi as a significant transnational criminal organization and sanctioned associated technology providers SafeW Technology and Anwen Technology.
This coordinated action aims to disrupt the financial infrastructure supporting large-scale scams, with enforcement extending beyond individual operators to the marketplaces enabling these networks. The sanctions block Xinbi’s US assets and prohibit transactions with designated entities.
The seizure of over $52 million highlights the scale of illicit activities linked to Xinbi, which has reportedly facilitated extensive money laundering operations across various platforms. (Source)
