US disrupts Xinbi Guarantee cybercrime marketplace
US authorities have disrupted Xinbi Guarantee, a Telegram-based marketplace used for cyber scams and money laundering, by seizing $52.8 million from cryptocurrency wallets and sanctioning the platform and two affiliated businesses. According to the Treasury Department, Xinbi was involved in billions of dollars of illicit transactions. The Department of Justice also obtained a warrant to seize Telegram channels used by vendors, and Xinbi's primary channel became inaccessible on Wednesday.
- Xinbi used Telegram to sell scam and laundering services
- At least $24 billion transacted through Xinbi, sources say
- US seized 52 wallets holding $52.8 million
- Treasury sanctioned Xinbi and two linked businesses
- Xinbi's main Telegram channel was taken down
Sources covering this
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