U.S. Sanctions Xinbi Guarantee and Seizes $52.8 Million in Cryptocurrency
Summary
The U.S. sanctioned Telegram-based marketplace Xinbi Guarantee, seized $52.8 million from connected crypto wallets, and targeted two alleged support businesses. Elliptic says Xinbi processed at least $24 billion in transactions.
Key points
- The Treasury Department sanctioned Xinbi Guarantee and two businesses it accused of supporting the marketplace.
- Authorities seized $52.8 million from 52 wallets connected to Xinbi; Elliptic assisted the Secret Service with the seizures.
- A court authorized the seizure of Telegram channels hosting the marketplace, and Xinbi’s main channel appeared unavailable.
- Elliptic estimates Xinbi processed at least $24 billion in transactions since its creation in 2022.
- The marketplace reportedly offered services for pig-butchering scams, money laundering, and the sale of stolen personal data.
- Authorities targeted Anwen Technology, developer of the XinbiPay app, and SafeW Technology, whose messaging app was allegedly used by Xinbi networks.
- Elliptic reported that Xinbi administrators said they would move to USDD after Tether froze funds; an analyst expects the marketplace may try to rebuild.
Article Details
- Event Type
- U.S. sanctions and law-enforcement disruption of Xinbi Guarantee, a Telegram-based illicit marketplace, including the seizure of cryptocurrency and action against entities accused of supporting its operations.
- Impact
- Authorities seized $52.8 million in cryptocurrency from wallets connected to the platform and obtained authorization to seize Telegram channels hosting its marketplace. According to Elliptic, Xinbi had processed at least $24 billion in transactions and supported scams, money laundering, and the sale of stolen personal data. The Treasury Department also sanctioned Anwen Technology and SafeW Technology for allegedly assisting Xinbi.
People
Vendors
Products
SafeWAuthorities also targeted Anwen Technology and SafeW Technology for assisting Xinbi.Telegramgovernment sanctioned Xinbi Guarantee, a Telegram-based illicit marketplace tied to billions in scam-related transactions, money laundering, and human trafficking.TRONAccording to Elliptic, Xinbi administrators responded to Tether’s freezing of the funds by announcing that it would be moving to USDD, a stablecoin operating on the TRON blockchain that is harder to seize.USDDAccording to Elliptic, Xinbi administrators responded to Tether’s freezing of the funds by announcing that it would be moving to USDD, a stablecoin operating on the TRON blockchain that is harder to seize.USDT#XinbiGuaranteeXinbi Guaranteegovernment sanctioned Xinbi Guarantee, a Telegram-based illicit marketplace tied to billions in scam-related transactions, money laundering, and human trafficking.XinbiPayoperations — Anwen Technology, the Cambodia-based developer of a cryptocurrency payment app called XinbiPay, and SafeW Technology Co., maker of an encrypted messaging application allegedly used by Xinbi’s
Countries
Cambodiaalso went after two entities it accuses of assisting Xinbi’s operations — Anwen Technology, the Cambodia-based developer of a cryptocurrency payment app called XinbiPay, and SafeW Technology Co., maker of anChinaThe operation resulted in the takedown of 13 scam centers operated by Chinese organized crime syndicates and arrests of dozens of alleged leaders, who according to Pirro were “interestingly quickly repatriated to China.”Madagascarforce would “expand its scope to attack scam compounds globally” and had recently deployed a team to Madagascar to work with local law enforcement.