LIVE: ‘$52 Million Seized…’ DOJ Smashes China-Operated Cryptocurrency Scam Targeting Americans
The Justice Department said Tuesday it seized Telegram channels and cryptocurrency wallets tied to Xinbi Guarantee, a Chinese-language marketplace with more than 650,000 users that allegedly sold services to online scam centres targeting Americans. The DOJ’s Scam Centre Strike Force and the Treasury Department took coordinated action against Xinbi, which authorities say operated on Telegram and functioned as an escrow service for vendors and scam-centre operators. Officials said they restrained more than $52 million in cryptocurrency allegedly tied to scam money laundering in one day, bringing the Strike Force’s total restrained funds to about $938 million.
The Justice Department said Tuesday it seized Telegram channels and cryptocurrency wallets tied to Xinbi Guarantee, a Chinese-language marketplace with more than 650,000 users that allegedly sold services to online scam centers targeting Americans. The DOJ’s Scam Center Strike Force and the Treasury Department took coordinated action against Xinbi, which authorities say operated on Telegram and functioned as an escrow service for vendors and scam-center operators. Officials said they restrained more than $52 million in cryptocurrency allegedly tied to scam money laundering in one day, bringing the Strike Force’s total restrained funds to about $938 million.
As alleged in a seizure warrant, Xinbi operated a Chinese-language marketplace on Telegram where vendors advertised custom scam investment websites, money-laundering services and recruitment of trafficking victims to work in Southeast Asian scam compounds, according to the DOJ.
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