DOJ targets Xinbi Guarantee network, restrains over $52M in crypto

US authorities have restrained more than $52 million in cryptocurrency tied to Xinbi Guarantee and its vendor network while seizing wallets and Telegram channels used by the Chinese-language marketplace. Summary US authorities restrained more than $52 million in crypto linked to Xinbi Guarantee and its vendor network. The DOJ seized two wallets holding roughly $12 million and sought restraints against another 47 wallets tied to suspected money laundering. US authorities seized Telegram channels where Xinbi vendors advertised money laundering, scam websites and recruitment services for Southeast Asian scam compounds. OFAC sanctioned Xinbi, SafeW Technology and Anwen Technology over their alleged roles in supporting the marketplace. The US Department of Justice said on Sept. 9 that its Scam Center Strike Force seized two crypto wallets containing approximately $12 million and sought restraints against another 47 wallets believed to be connected to money laundering through Xinbi and vendors serving scam operators. The two seized wallets were used by Xinbi to collect payments for vendors operating through its marketplace. Combined with the other restraints, the operation placed more th...