cryptocurrency

The #U.S. Treasury Department went after another international hub for criminal services associated with digital assets, sanctioning Xinbi Guarantee.
This adds to earlier actions against Prince Group and Huione Group, the department said.
The U.S. Department of the Treasury sanctioned online marketplace Xinbi Guarantee, which U.S. authorities accused of being extensively used by Chinese cybercriminals to operate #crypto-infused scams and illicit finance, according to a Wednesday statement.
The alleged transnational criminal organization helped scam centers purchase necessary items and aided in financial activity tied to criminal operations, according to the Treasury's Office of Foreign Assets Control, which said the transactions totalled as much as $24 billion since the Chinese-language platform began in 2022, much of which was associated with cryptocurrency. The UK’s Foreign, Commonwealth, and Development Office had also sanctioned Xinbi in March.
“Scam centers in Southeast Asia steal billions of dollars from American victims each year,” said Treasury Secretary Scott Bessent in a statement. He said his department will "continue using its tools to disrupt the networks behind this egregious fraud and protect Americans.”
Xinbi is said to have supported money laundering networks and been used by North Korean hackers, with much of the interaction conducted over Telegram. It was also tied to Prince Group, which was the target of similar Treasury actions.
In a related action, the Department of Justice and other law enforcement agencies also pursued the network, seizing or gaining control of some $52 million in #cryptocurrency , according to a statement.

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