U.S. Department of Justice and Treasury Department strike Xinbi to seize $52 million in crypto assets

On September 9, it was reported that the U.S. Department of Justice and the Department of Finance took enforcement actions against Xinbi, the illegal fraudulent service market, seizing and restricting the disposal of more than US$52 million in encryption assets, bringing the working group's cumulative restricted disposal of assets to approximately US$938 million. Tether provided assistance in this investigation. The Justice Department accuses Xinbi of operating through Telegram to provide investment fraud websites and money laundering services to fraud gangs. Law enforcement agencies have seized its Telegram channel and two crypto wallets holding approximately $12 million and restricted the disposal of another 47 related wallets. The U.S. Treasury Department's Office of Foreign Assets Control lists Xinbi as a major transnational criminal organization and sanctions two related entities. The working group helped Madagascar close 13 fraud parks, dispose of more than 3200 electronic devices and arrest nearly 400 people.