Federal authorities restrained approximately $52 million in cryptocurrency tied to the Xinbi Guarantee scam on Sept. 9, pushing the Justice Department's Scam Center Strike Force's cumulative total to roughly $938 million.
The strike force has now frozen, seized, or forfeited cryptocurrency across multiple investigations spanning organized fraud networks. The latest action directly targeted Xinbi and vendors allegedly supporting money laundering operations.
Xinbi Guarantee operated as an escrow marketplace on Telegram where vendors advertised illicit services—primarily money laundering—and held buyer payments until transactions completed. A federal court authorized seizure of Xinbi's Telegram channels on Sept. 7. Authorities also seized two payment wallets holding about $12 million and sought restraint of 47 additional wallets believed tied to money laundering activities on the platform and associated vendors.
The Treasury Department estimates Xinbi processed more than $24 billion in transactions since its inception around 2022, spanning both digital assets and fiat currencies primarily in Southeast Asia. North Korean hackers and sanctioned entities reportedly used the platform, linking it to broader illicit financial networks.
Reported users included the Jin Bei Group and entities within the Prince Group—Cambodia-based organizations that U.S. and British authorities targeted in October 2025 for large-scale fraud and human trafficking. The Xinbi enforcement builds on those earlier efforts against that network.
Xinbi operated within a larger ecosystem of Chinese-language money laundering services. Chainalysis estimated these networks processed $16.1 billion in illicit cryptocurrency during 2025, excluding guarantee platforms like Xinbi and Huione.
