US DOJ restrains $52M in crypto with Tether’s help

The U.S. Department of Justice has restrained more than $52 million in cryptocurrency while targeting wallets and online channels linked to the Xinbi Guarantee scam network. Summary $52 million in cryptocurrency was restrained during one day of coordinated enforcement. Two Xinbi wallets had received about $12 million in payments, according to Tether. U.S. authorities sought restraints against 47 more wallets linked to suspected money laundering. Tether says it has helped 340 agencies freeze over $5 billion across 67 countries. Tether said in a Sep. 11 statement that the DOJ credited the stablecoin issuer’s “proactive assistance” in an operation against Xinbi Guarantee, a Chinese-language marketplace linked to international scam groups. The coordinated action restrained more than $52 million in cryptocurrency in one day. U.S. authorities also seized two wallets that Xinbi allegedly used to receive about $12 million in payments and sought restraint orders covering 47 additional wallets tied to suspected money laundering. Xinbi operated as a service hub rather than a single scam site. According to U.S. authorities and blockchain researchers, its vendors connected fraud groups with mon...