US sanctions Xinbi scam marketplace, restrains $52M in crypto
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
US authorities restrained more than $52 million in cryptocurrency linked to the Xinbi Guarantee scam marketplace and its vendor network. The US Justice Department seized wallets and Telegram channels used by Xinbi to facilitate vendor payments and money laundering. The Treasury Department designated Xinbi as a significant transnational criminal organization and sanctioned technology providers SafeW Technology and Anwen Technology for supporting Xinbi’s operations.
Why it matters
The operation targets Xinbi’s financial and communications infrastructure, disrupting the industrial-scale scam networks in Southeast Asia. This action expands enforcement beyond individual scammers to the broader marketplaces and service providers enabling these illicit activities. The Treasury's sanctions block Xinbi’s US assets and prohibit US persons from transacting with related entities, aiming to cut off scam operations’ access to crypto markets.
Key context
Xinbi moved its merchant and money-laundering networks to encrypted messaging by SafeW Technology starting in June 2025 as law enforcement pressure increased. The platform has processed over $24 billion in crypto and fiat since 2022, primarily across Southeast Asia, and has been linked to North Korean hackers and entities connected to the sanctioned Prince Group. The US action follows UK sanctions on Xinbi issued in March 2026, which froze assets and barred Xinbi from UK financial networks.
Key numbers and entities
The DOJ seized wallets containing about $12 million and targeted 47 additional wallets. Xinbi allegedly moved more than $36 billion at industrial scale after the shutdown of the Huione platform. Sanctioned entities include Singapore-based SafeW Technology and Cambodia-based Anwen Technology. The Treasury claims Xinbi processed over $24 billion since 2022.
What remains unclear
The precise details of the connections between Xinbi and the North Korean hackers or the Prince Group are not specified. The long-term impact of the sanctions on Xinbi’s global operations and the full extent of their merchant and vendor networks remain to be seen. The roles of specific individuals behind Xinbi and the technology providers were not detailed.