Tether Freezes $45 Million in USDT Linked to Xinbi Guarantee
- Over $45 million in USDT has been frozen across at least 22 operational addresses linked to Xinbi.
- Xinbi was sanctioned by the UK government in March as a major crypto marketplace involved in money laundering.
- The freeze targeted not only Xinbi’s wallets but also third-party operators with financial ties, including one OTC operation processing over $72 million.
- Following the crackdown, Xinbi shifted to using USDD, a decentralized stablecoin that cannot be frozen by Tether.
- Tether’s actions reflect its collaboration with over 340 law enforcement agencies globally, having frozen more than $450 million in illicit assets.
Tether’s aggressive enforcement against Xinbi demonstrates its capability to disrupt operations within illicit crypto networks effectively. The shift to USDD by Xinbi indicates an adaptation strategy to avoid future freezes.
The recent crackdown showcases Tether’s ability to immobilize significant funds, freezing over $45 million linked to Xinbi while pushing the marketplace towards decentralized alternatives like USDD for transactions.(Source)
