U.S. Authorities Freeze $938 Million in Crypto Tied to Telegram Scam Marketplace

Federal investigators announced a major seizure of cryptocurrency linked to the Xinbi Guarantee marketplace, a Telegram‑based platform used for fraud and money‑laundering. The latest operation restrained roughly $52 million in crypto assets, raising the Justice Department’s total to an estimated $938 million.

Key Enforcement Actions

• Approximately $52 million in crypto was restrained in one day, pushing the cumulative total to $938 million.
• Two payment wallets holding about $12 million were seized, and a court order shut down the marketplace’s Telegram channels.
• The strike force also sought restraint of 47 additional wallets tied to Xinbi’s network.

Scope of Xinbi Guarantee

The Treasury Department estimates that Xinbi processed more than $24 billion in transactions since its launch in 2022, involving both digital assets and fiat currencies. The platform reportedly facilitated activity for North Korean hackers and other sanctioned entities.

International Dimensions

• U.S. and British authorities previously targeted a Cambodia‑based group linked to large‑scale fraud and human trafficking.
• DoJ investigators deployed to Madagascar to assist local law enforcement, examining over 3,200 devices and interviewing nearly 400 suspects.

Related Enforcement Measures

On the same day, the Treasury’s Office of Foreign Assets Control designated Xinbi Guarantee and two supporting firms—Singapore‑based Safew Technology and Cambodia‑based Anwen Technology—as facilitators of illicit financial activity.

Broader Context

Chainalysis estimates that Chinese‑language money‑laundering networks processed $16.1 billion in illicit crypto in 2025, not counting guarantee platforms like Xinbi. Vendors on such platforms use escrow arrangements via Telegram to connect scammers with victims.