US sanctions Xinbi scam marketplace, restrains $52M in crypto
US authorities moved against Xinbi Guarantee, a crypto-enabled scam marketplace linked to money laundering and scam-compound support in Southeast Asia. The Justice Department restrained over $52 million in crypto tied to Xinbi and its vendor network, including two wallets holding about $12 million, and sought restraints on 47 more wallets. A court also authorized seizure of Telegram channels used to advertise laundering services, scam-investment sites, and recruitment for scam compounds. In a parallel action, Treasury’s OFAC designated Xinbi as a transnational criminal organization and sanctioned Singapore-based SafeW Technology and Cambodia-based Anwen Technology for alleged support. Treasury said Xinbi shifted activity to SafeW’s encrypted app and that Anwen built XinbiPay/NewPay, a crypto wallet used by the marketplace. Treasury said Xinbi has handled more than $24 billion in crypto and fiat since about 2022. The sanctions freeze US-linked assets and bar US persons from dealings.
