Tether freezes $39 million in USDT linked to Xinbi Guarantee

Tether has frozen approximately $39.27 million in USDT across 10 TRON addresses linked to Xinbi Guarantee, a Telegram-based escrow service. According to blockchain-monitoring firm MistTrack, the freeze occurred on September 8.

Xinbi Guarantee, which emerged around 2022, has been accused of facilitating illicit activities, including scams and money laundering. Blockchain investigators estimate that Xinbi-linked wallets have processed billions of dollars in USDT, with some estimates reaching as high as $24 billion, primarily on the TRON network. The United Kingdom sanctioned Xinbi in March due to alleged links to scam compounds and human rights abuses.

This move follows a previous freeze by Tether involving wallets linked to Huione Guarantee, another Telegram-based escrow platform. The action highlights Tether’s ability to use its centralized control to blacklist blockchain addresses and prevent the transfer of tokens via its USDT contracts.