DOJ Strike Force Seizes Scam Marketplace, Restrains $52M in Crypto

The U.S. Department of Justice's Scam Center Strike Force, in collaboration with the Treasury Department, has seized the Chinese-language scam marketplace Xinbi Guarantee. Authorities restrained approximately $52 million in cryptocurrency linked to the platform, which operated primarily on Telegram to facilitate fraud services, including website development and money laundering for scam operations. The Treasury’s Office of Foreign Asset Control (OFAC) has designated Xinbi as a transnational criminal organization, freezing its U.S.-based assets. This action brings the total funds restrained by the Strike Force to nearly $938 million.