U.S. Secret Service freezes $52.8 million in crypto connected to Xinbi, a Telegram-based scam marketplace that processed $24 billion in illicit transactions.
Regulation & Gov ·
The U.S. Secret Service seized $52.8 million in USDT across 52 wallets connected to Xinbi Guarantee on September 8, working with blockchain analytics firm Elliptic to identify the funds. Xinbi, a Telegram-based escrow platform for criminal vendors, has channeled at least $24 billion in illicit transactions since 2022, and the Treasury designated it a transnational criminal organization the same day the freeze occurred. In response, Xinbi relocated $2.8 million into USDD, an alternative stablecoin without the freeze capabilities built into USDT.