xinbi

According to a notice from the U.S. Department of Justice, the Department's Fraud Center Strike Force, in coordination with the Department of the Treasury, took coordinated law enforcement action against Xinbi Guarantee, seizing and restricting the disposal of over 52 million dollars in cryptocurrency in a single day, bringing the total assets restricted by the task force to approximately 938 million dollars. Tether provided proactive assistance in this investigation.The Department of Justice alleges that Xinbi is an illegal scam service market primarily operating through Telegram, providing customized investment scam websites, money laundering services, and recruiting victims of human trafficking to work in scam parks in Southeast Asia. Law enforcement has seized its Telegram channel and two cryptocurrency wallets holding approximately 12 million dollars, and restricted the disposal of an additional 47 related wallets.At the same time, the U.S. Department of the Treasury's Office of Foreign Assets Control designated Xinbi as a significant transnational criminal organization and sanctioned two additional entities that support it. The task force also assisted Madagascar in shutting down 13 scam parks operated by Chinese criminal groups, processing over 3,200 electronic devices, and local authorities arrested nearly 400 people.

Tether froze approximately $39.3 million USDT across 10 addresses on the Tron network earlier today, which are related to Xinbi Guarantee. Insiders revealed that Xinbi Guarantee is a guaranteed trading market that emerged around 2022 on Telegram.Blockchain analytics firm TRM Labs has described it as one of the largest illegal cryptocurrency markets in Southeast Asia, stating that the platform has processed a cumulative transaction volume of about $24.2 billion. The on-chain tracking platform MistTrack was the first to disclose the news regarding the frozen USDT. This freeze indicates that Tether is further taking on-chain asset freezing measures to restrict addresses deemed to be associated with high risk or suspected illegal activities.

The UK Foreign, Commonwealth & Development Office and the Home Office jointly announced sanctions against the illegal cryptocurrency market Xinbi and individuals related to Southeast Asian scam networks. According to data from blockchain analysis company Chainalysis, Xinbi processed over $19.9 billion in transactions from 2021 to 2025, involving illegal activities such as money laundering, unlicensed over-the-counter trading, and the sale of stolen personal data. The UK is the first country in the world to impose sanctions on Xinbi.The sanctions also involve the operator of the Cambodian "#8 Park" scam base, Legend Innovation Co., and its head Eang Soklim, who is believed to be holding up to 20,000 trafficked workers. Meanwhile, multiple properties in London have been frozen, with previously seized assets including an office building valued at £100 million, two luxury homes, and a helicopter. UK officials stated that this action aims to cut off the financial infrastructure of the scam networks and will promote broader international coordinated cooperation at the illegal finance summit in June this year.

ChainCatcher news, according to Cointelegraph, blockchain security company Elliptic disclosed that a company registered in Colorado in 2022, Xinbi Co. Ltd, is associated with an illegal online marketplace called "Xinbi Guarantee."This marketplace is based on the Telegram platform and is a Chinese illegal market primarily serving Southeast Asian scammers, having received $8.4 billion in funds to date, mainly in the form of USDT transactions. Merchants on the market provide scammers with technology, personal data, and money laundering services, assisting them in carrying out "pig butchering" scams. Xinbi Guarantee claims to be an "investment and capital guarantee group company," but its status was updated to "delinquent" in January 2025 for failing to submit periodic reports on time. The black market's money laundering service has the largest transaction share and also offers Starlink devices, stolen personal data, and fake IDs.Elliptic states that Xinbi Guarantee is the second-largest illegal online marketplace, with transaction volumes exceeding $1 billion in the fourth quarter of 2024, and is linked to North Korean hacker money laundering. The $8.4 billion transaction volume may only be the tip of the iceberg of actual trading volume. The platform has 233,000 users and operates under a "guarantee model," yet remains a hotbed for illegal activities. Records from the Colorado state government show that Xinbi Co. Ltd was listed as "in violation" in January 2025 for failing to submit its annual report on time.