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Xinbi Guarantee sanctioned by U.S. as authorities seize $52M in crypto
U.S. authorities have launched a major crackdown against Xinbi Guarantee, a Chinese-language marketplace on Telegram used by transnational criminal organizations to facilitate cyber fraud and money laundering. The U.S. Treasury Department designated Xinbi as a significant transnational criminal organization and sanctioned two supporting firms: Singapore-based SafeW Technology and Cambodia-based Anwen Technology.
The Department of Justice’s Scam Center Strike Force has restrained over $52 million in cryptocurrency linked to the network. This includes the seizure of two wallets containing approximately $12 million and efforts to restrain 47 additional wallets. Investigators also seized Telegram channels used by vendors to advertise services such as building fraudulent investment websites and recruiting labor for scam compounds.
In a coordinated international effort, the Strike Force assisted local authorities in Madagascar to dismantle 13 Chinese-run scam compounds. Officials noted that the platform has processed more than $24 billion in digital assets and fiat currency since 2022 and has reportedly been utilized by North Korean hackers to launder stolen funds.
Entities
Andrew Floyd · Democracy Forward · Department of Justice · Donald Trump · Ivan D. Davis · Jeanine Pirro · Madagascar · SafeW Technology · Treasury Department · U.S. Department of Justice · U.S. Department of the Treasury · Xinbi Guarantee
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 5 SOURCES] The U.S. sanctioned SafeW Technology and Anwen Technology for supporting Xinbi. nationalcybersecurity.com · jornaldebrasilia.com.br · bitcoinethereumnews.com · crypto.news · www.cryptobreaking.com
- [● 9 SOURCES] The U.S. Treasury Department designated Xinbi Guarantee as a significant transnational criminal organization. yournews.com · nationalcybersecurity.com · www.spacemoney.com.br · jornaldebrasilia.com.br · www.foxbusiness.com · +4 more
- [● 3 SOURCES] The platform has been used by North Korean hackers. nationalcybersecurity.com · www.foxbusiness.com · bitcoinethereumnews.com
- [● 9 SOURCES] U.S. authorities restrained more than $52 million in cryptocurrency linked to Xinbi Guarantee. offthepress.com · yournews.com · www.spacemoney.com.br · townhall.com · www.foxbusiness.com · +4 more
- [● 7 SOURCES] Investigators seized two cryptocurrency wallets used by Xinbi containing approximately $12 million. yournews.com · www.spacemoney.com.br · townhall.com · www.foxbusiness.com · crypto.news · +1 more
- [● 4 SOURCES] The DOJ Scam Center Strike Force assisted in the takedown of 13 scam compounds in Madagascar. offthepress.com · yournews.com · gulfnews.com · defimedia.info
- [● 2 SOURCES] Xinbi Guarantee has processed over $24 billion in digital assets and fiat currency since approximately 2022. nationalcybersecurity.com · bitcoinethereumnews.com
- [● 5 SOURCES] Xinbi Guarantee operates as a Chinese-language marketplace on Telegram. offthepress.com · yournews.com · www.foxbusiness.com · bitcoinethereumnews.com · crypto.news