DOJ seizes $52M in crypto tied to China's Xinbi Guarantee laundering network

The U.S. Department of Justice seized $52 million worth of cryptocurrency in a crackdown on Xinbi Guarantee, a China-linked money laundering network. According to BlockBeats, the DOJ said Xinbi Guarantee operated an illicit scam-services platform through Telegram, providing fraud groups with customized investment scam websites and money laundering services, while also taking part in recruiting trafficking victims in Southeast Asia. Law enforcement also seized Xinbi’s Telegram channel and two crypto wallets holding about $12 million, while imposing usage restrictions on 47 wallets linked to the group. Separately, the U.S. Treasury Department’s Office of Foreign Assets Control designated the platform as a transnational criminal organization. Earlier, Tether froze about 39.3 million USDT across 10 Tron (TRX) addresses tied to Xinbi Guarantee.