The U.S. Department of Justice said its Fraud Section’s strike force restricted the disposal of about $52 million in allegedly fraud-linked cryptocurrency in a single day as part of an action targeting Telegram-based crypto escrow platform Xinbi Guarantee. That pushed the cumulative amount to roughly $938 million. Before that latest move, the total amount frozen, seized, or recovered had already exceeded $580 million.
The U.S. Treasury Department said Xinbi Guarantee has handled more than $24 billion in transactions involving digital assets and fiat currency since around its founding in 2022, with a primary focus on Southeast Asia-related trade. Treasury also said the platform was allegedly used by North Korean hackers and sanctioned entities, including Jin Bei Group and entities under Prince Group.
A U.S. federal court approved the seizure of Telegram channels operated by Xinbi Guarantee on Sept. 7. Law enforcement also seized two payment wallets holding about $12 million combined and sought to freeze another 47 crypto wallets allegedly used for money laundering or tied to fraud service providers. On Sept. 9, the Office of Foreign Assets Control, or OFAC, sanctioned Xinbi Guarantee and two supporting companies, Safew Technology and Anwen Technology. The report was cited from Bitcoin.com News.
The U.S. Department of Justice said its Fraud Section strike force, in an action targeting Telegram-based crypto escrow platform Xinbi Guarantee, restricted the disposal of about $52 million in allegedly fraud-linked cryptocurrency in a single day. That brought the cumulative total to about $938 million.
Before that latest action, the amount already frozen, seized, or recovered had exceeded $580 million.
Treasury says platform processed more than $24 billion
The U.S. Treasury Department said Xinbi Guarantee has handled more than $24 billion in transactions since around its founding in 2022. Those transactions involved both digital assets and fiat currency, and the platform mainly served Southeast Asia-related trade.
Treasury also said North Korean hackers and sanctioned entities allegedly used the platform, including Jin Bei Group and entities under Prince Group.
Federal court approved seizure of Telegram channels
A U.S. federal court approved the seizure of Telegram channels operated by Xinbi Guarantee on Sept. 7.
Law enforcement authorities also seized two payment wallets with a combined value of about $12 million and sought to freeze another 47 cryptocurrency wallets allegedly used for money laundering or linked to fraud service providers.
OFAC sanctioned the platform and two supporting firms
On Sept. 9, the Treasury Department’s Office of Foreign Assets Control, or OFAC, added Xinbi Guarantee and two supporting companies, Safew Technology and Anwen Technology, to its sanctions list.
Separately, the DOJ sent investigators to Madagascar to assist local law enforcement in operations against 13 scam compounds run by Chinese operators and to process more than 3,200 electronic devices.
The report cited Bitcoin.com News as the source.
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