U.S. Disrupts Xinbi Guarantee Scam Marketplace and Freezes $52.8 Million in Cryptocurrency

The U.S. Department of Justice announced coordinated actions against Xinbi Guarantee. The actions included seizing Telegram channels used to operate the marketplace, seizing two cryptocurrency wallets, and freezing approximately $52.8 million in cryptocurrency held in 52 wallets associated with Xinbi and its merchant network. The Treasury Department’s OFAC sanctioned Chinese-language media for facilitating cyber scams, fraud, money laundering, and other criminal activity targeting Americans. The Scam Center Strike Force also announced the disruption of 13 scam compounds in Madagascar.