US Treasury sanctions Xinbi Guarantee over $24 billion crypto fraud scheme

The US Treasury Department has sanctioned Xinbi Guarantee (Xinbi 担保), an online marketplace accused of facilitating money laundering and illicit financial services for cybercriminals. Since 2022, the platform has processed $24 billion in illegal transactions, largely involving cryptocurrency, and has supported operations linked to North Korean hackers. Two technology providers, SafeW Technology (SafeW Technology) and Anwen Technology (Anwen Technology), were also sanctioned.