US authorities, as part of a coordinated operation against a fraudulent platform, have blocked over $52 million in cryptocurrency linked to Xinbi Guarantee and its network of suppliers.
On Wednesday, the US Department of Justice announced that its Fraud Center Task Force seized two wallets used by Xinbi to receive payments from suppliers; they contained about $12 million. Law enforcement also secured the blocking of 47 more wallets allegedly linked to money laundering in the Xinbi network.
The Department of Justice stated that on September 7, the US District Court for the District of Columbia authorized the seizure of Telegram channels hosting the platform. According to the unsealed warrant, suppliers used these channels to advertise money laundering services, create custom fraudulent investment sites, and hire staff for fraudulent centers in Southeast Asian countries.
The operation targets the financial and communication infrastructure supporting industrial-scale fraud centers and expands enforcement measures: they now affect not only individual operators but also platforms with service providers that enable these networks to function. The Department of Justice thanked stablecoin issuer Tether for assisting the investigation.
US Treasury Department imposes sanctions against Xinbi and technology providers
As part of coordinated measures on Wednesday, the US Treasury Department announced that its Office of Foreign Assets Control (OFAC) has designated Xinbi as a major transnational criminal organization. OFAC also imposed sanctions against Singapore-based SafeW Technology and Cambodia-based Anwen Technology, which are alleged to have provided Xinbi with technological and financial support.
According to the Treasury Department, from around June 2025, Xinbi began transferring its vendor and money laundering networks to the encrypted messaging app SafeW as law enforcement scrutiny intensified. Anwen is alleged to have developed XinbiPay, also known as NewPay—a cryptocurrency wallet and payment application used by the platform.
Related: US and UK form joint alliance to combat crypto fraud centers
According to the Treasury Department, since approximately 2022, Xinbi has processed over $24 billion in cryptocurrency and fiat funds, primarily in Southeast Asian countries. The department stated that its platform was used by North Korean hackers and entities linked to the sanctioned Prince Group.
The sanctions block Xinbi's property and related interests in the US and generally prohibit US persons from conducting transactions with the designated entities.
The latest US measures follow sanctions imposed by the UK against Xinbi. On March 26, the UK government imposed sanctions against Xinbi, aiming to restrict the platform's access to cryptocurrencies. Under the sanctions, assets related to Xinbi and located in the UK will be frozen, and the platform will be prohibited from accessing the country's financial, trade, and transportation networks.
Magazine: Tether sued over $42 million in frozen coins, 6,600 students received crypto loans: Asia Express
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