Key facts
- US authorities restrained over $52.8 million in cryptocurrency linked to the Xinbi Guarantee marketplace.
- The Justice Department seized two wallets containing about $12 million and is seeking restraints on 47 additional wallets.
- The US Treasury Department sanctioned Xinbi as a significant transnational criminal organization.
- Singapore-based SafeW Technology and Cambodia-based Anwen Technology were sanctioned for supporting Xinbi.
- Xinbi has processed over $24 billion in crypto and fiat since 2022.
- The UK previously sanctioned Xinbi to cut off its crypto access.
US authorities have restrained over $52.8 million in cryptocurrency linked to the Xinbi Guarantee marketplace, a significant transnational criminal organization operating on the Telegram platform. The operation, involving the Justice Department and Treasury Department, targets the financial and communications infrastructure supporting industrial-scale scam centers.
The Justice Department's Scam Center Strike Force seized two wallets containing approximately $12 million in vendor payments and is pursuing restraints on 47 additional wallets connected to Xinbi's alleged money laundering network. The department also obtained authorization to seize Telegram channels used by the marketplace, which advertised money laundering services, scam-investment websites, and recruitment for scam compounds in Southeast Asia.
In a coordinated action, the Treasury Department's Office of Foreign Assets Control (OFAC) designated Xinbi as a significant transnational criminal organization. OFAC also sanctioned Singapore-based SafeW Technology and Cambodia-based Anwen Technology for providing technological and financial support to Xinbi. According to the Treasury, Xinbi began shifting its operations to SafeW's encrypted messaging app around June 2025 as law enforcement scrutiny increased. Anwen allegedly developed XinbiPay, a crypto wallet and payment application used by the marketplace.
The Treasury stated that Xinbi has processed over $24 billion in cryptocurrency and fiat since approximately 2022, primarily through Southeast Asia, and has been used by North Korean hackers and entities linked to the sanctioned Prince Group. The sanctions prohibit US persons from transacting with the designated entities. This action follows similar sanctions imposed by the UK government on March 26, aimed at cutting Xinbi off from crypto access.