U.S. DOJ Cracks Down on Xinbi Scam Marketplace, Seizes $52 Million in Crypto

The U.S. Department of Justice, in coordination with the Treasury Department, has taken enforcement action against the Xinbi Guarantee scam marketplace. Authorities seized and restricted over $52 million in crypto assets, bringing the total restricted assets for the task force to approximately $938 million. Tether (USDT) provided assistance in the investigation. Xinbi, which operated primarily via Telegram, is accused of providing investment scam websites and money laundering services to criminal groups, as well as recruiting human trafficking victims.