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U.S. Department of Justice and Treasury Target Xinbi, Seizing $52 Million in Crypto Assets

On September 9, the U.S. Department of Justice and the Treasury took law enforcement action against the illegal scam service market Xinbi, seizing and restricting the disposal of over $52 million in cryptocurrency assets. This brings the total assets restricted by the task force to approximately $938 million. Tether assisted in the investigation. The Justice Department accused Xinbi of operating via Telegram, providing investment scam websites and money laundering services to scam groups. Law enforcement has seized its Telegram channel and two wallets holding about $12 million in cryptocurrency, and restricted the disposal of an additional 47 related wallets. The U.S. Treasury's Office of Foreign Assets Control has designated Xinbi as a significant transnational criminal organization and sanctioned two related entities. The task force also assisted Madagascar in shutting down 13 scam hubs, processing over 3,200 electronic devices, and arresting nearly 400 individuals.

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    On September 9, the U.S. Department of Justice (DOJ) and the Department of the Treasury took enforcement action against the illegal scam service market Xinbi, seizing and restricting the disposal of over $52 million in crypto assets. This brings the total assets restricted by the task force to approximately $938 million. Tether assisted in the investigation. The DOJ accused Xinbi of operating through Telegram, providing investment scam websites and money laundering services for fraud rings. Law enforcement has seized its Telegram channel and two crypto wallets holding about $12 million, while also restricting the disposal of an additional 47 related wallets. The Treasury Department's Office of Foreign Assets Control has designated Xinbi as a significant transnational criminal organization and sanctioned two related entities. The task force also assisted Madagascar in shutting down 13 scam hubs, processing over 3,200 electronic devices, and arresting nearly 400 individuals.

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