U.S. Secret Service seizes $52.8M tied to Telegram marketplace Xinbi
Regulation & Gov ·
The agency froze the funds after linking them to Xinbi, a Telegram-based marketplace, while the platform's operator disputes the action.
The U.S. Secret Service has seized $52.8 million in cryptocurrency connected to Xinbi, a marketplace that operated through Telegram, according to decrypt.co. The action targets funds the agency says are tied to the platform's activity, though the exact assets and wallets involved have not been detailed in available reporting.
Xinbi has disputed the seizure, though the specifics of its objection — whether it contests ownership of the funds, the legal basis for the freeze, or the underlying allegations — are not spelled out in the material available.
The seizure fits a broader pattern in which U.S. authorities use civil forfeiture tools to take control of crypto assets tied to alleged illicit activity, sometimes without any individual being charged with a crime. Under these regimes, the digital asset itself can be treated as the subject of the legal action, with courts later determining whether it should be permanently forfeited.
Corroborating coverage of the same cluster describes Xinbi as a Telegram-based scam marketplace that processed $24 billion in illicit transactions, a figure that underscores the scale of activity the Secret Service action is meant to address, though it has not been independently confirmed in the primary reporting reviewed here.
What remains unclear is the legal footing for the seizure — whether it proceeds under civil or criminal forfeiture statutes — and how Xinbi's dispute will play out, including whether the operator intends to contest the freeze in court. Also unresolved is whether the $52.8 million represents the full extent of funds authorities believe are connected to the platform or only an initial tranche, and what happens next to the frozen assets pending any judicial review.