U.S. Treasury sanctions another widespread cyber-scam hub, Xinbi Guarantee
The U.S. Treasury has sanctioned the Xinbi Guarantee platform for facilitating billions of dollars in cryptocurrency-linked money laundering and supporting scam centers. The sanctions also extend to technology providers SafeW and Anwen for their roles in enabling these illicit financial operations.
Why it matters
This action highlights the U.S. government's ongoing efforts to disrupt transnational criminal networks that exploit cryptocurrency and encrypted messaging to defraud victims globally.
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. It was also tied to Prince Group, which was the target of similar Treasury actions .
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