US Treasury and Justice Department Target Xinbi Scam Marketplace, Freeze Over $52 Million in Crypto

US law‑enforcement agencies seized the Telegram channels of the Xinbi scam marketplace and froze more than $52 million in cryptocurrency linked to the platform and its vendor network.

Justice Department actions

The Justice Department’s Scam Center Strike Force seized two wallets used by Xinbi to collect vendor payments, containing roughly $12 million. A court order also authorized restraints on 47 additional wallets believed to be part of Xinbi’s laundering network. The Department seized the marketplace’s Telegram channels on September 7, after a warrant revealed that vendors used the channels to advertise money‑laundering services, custom scam‑investment sites, and recruitment for scam operations in Southeast Asia. Stablecoin issuer Tether was credited with assisting the investigation.

Treasury sanctions

The Office of Foreign Assets Control (OFAC) designated Xinbi as a significant transnational criminal organization and sanctioned two technology providers: Singapore‑based SafeW Technology and Cambodia‑based Anwen Technology. SafeW’s encrypted messaging app was reportedly adopted by Xinbi in June 2025, while Anwen developed XinbiPay (also known as NewPay), a crypto wallet and payment application used by the marketplace.

Scope of the operation

According to the Treasury, Xinbi has processed over $24 billion in crypto and fiat since around 2022, primarily through Southeast Asia, and has been used by North Korean hackers and entities linked to the sanctioned Prince Group. The sanctions block Xinbi’s US property and prohibit US persons from transacting with the designated entities.

International context

The US action follows similar UK sanctions imposed on March 26, which froze UK assets connected to Xinbi and barred the platform from the country’s financial, trade, and travel networks.