U.S. Sanctions $20 Billion Chinese-Language Marketplace Xinbi with Tether Assistance

The U.S. Treasury has sanctioned Xinbi Guarantee, a Chinese-language online marketplace accused of facilitating over $24 billion in cryptocurrency and fiat transactions for cyber scams and money laundering since 2022. The Department of Justice seized the platform's Telegram infrastructure and restrained over $52 million in cryptocurrency. Xinbi functioned as an escrow service for criminal networks, including those linked to North Korean hackers. The platform utilized "Black U" launderers to swap illicit funds for stablecoins, effectively masking the origin of stolen assets. This action underscores the increasing use of blockchain tracing and asset freezes to dismantle the financial infrastructure supporting large-scale cybercrime.