The U.S. Department of Justice has frozen approximately $938 million in fraud-related cryptocurrency, with about $52 million added in a single day
Odaily News: In an operation targeting Telegram cryptocurrency escrow trading platform Xinbi Guarantee, the U.S. Department of Justice's Scam Center Strike Force restricted the handling of approximately $52 million in fraud-related cryptocurrency in a single day, bringing the cumulative amount to approximately $938 million. Previously, the cumulative amount frozen, seized, or recovered had already exceeded $580 million.
The U.S. Department of the Treasury stated that Xinbi Guarantee, since its establishment around 2022, has processed transactions exceeding $24 billion, involving digital assets and fiat currency, primarily serving Southeast Asian transactions. North Korean hackers and sanctioned entities are alleged to have used the platform, including entities under Jin Bei Group and Prince Group.
A U.S. federal court approved the seizure of the Telegram channel operated by Xinbi Guarantee on September 7. Law enforcement authorities also seized two payment wallets totaling approximately $12 million and applied to freeze another 47 cryptocurrency wallets suspected of being used for money laundering or associated with fraud-related service providers.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) added Xinbi Guarantee and its two supporting companies, Safew Technology and Anwen Technology, to its sanctions list on September 9. The U.S. Department of Justice additionally dispatched investigators to Madagascar to assist local law enforcement in cracking down on 13 scam compounds operated by Chinese nationals and to process over 3,200 electronic devices. (Bitcoin.com News)
