A coordinated US operation has targeted Xinbi Guarantee, a Chinese-language criminal organization accused of processing more than $24 billion in illegal transactions.
The Treasury Department said Xinbi Guarantee operated as an online marketplace that enabled cybercriminals to conduct fraud and launder money. Established around 2022, the group allegedly moved billions in digital assets and fiat currency through a specialized “escrow” system that supported criminal services.
The Office of Foreign Assets Control (OFAC), the Treasury division responsible for economic sanctions, designated SafeW Technology in Singapore and Anwen Technology in Cambodia. The firms reportedly supplied encrypted messaging and digital wallet infrastructure used to coordinate activities and move funds.
Global takedown and seizures
The US “Scam Center Strike Force” said it recently supported authorities in Madagascar in dismantling 13 centers run by Chinese syndicates. The operation led to nearly 400 arrests and the seizure of more than 3,200 electronic devices. A total of 30 Chinese leaders were repatriated after the raids.
Federal prosecutors also reported a major financial recovery, restraining about $52 million in laundered cryptocurrency in a single day. The task force has now restrained $938 million. The Justice Department thanked Tether, a major digital stablecoin issuer, for its proactive assistance in the investigation.
Authorities also secured court approval to seize multiple Telegram channels allegedly used to host the illicit marketplace.
“If Chinese organized crime can buy a custom website and a money laundering service the way you order takeout, then every American with a retirement account is in the blast radius,” said US Attorney for the District of Columbia Jeanine Pirro.
The US action follows sanctions imposed by the United Kingdom against the same organization earlier this year.
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