US DOJ Restraints $52 Million in Crypto Tied to Xinbi Network
US authorities have frozen $52 million in crypto linked to the Xinbi Guarantee marketplace, prompting the platform to shift funds to Decentralized USD (USDD) in an attempt to circumvent the freeze. The action coincided with OFAC designating Xinbi a significant transnational criminal organization and the arrest of nearly 400 people across dismantled scam compounds in Madagascar.
New details from GN markets/crypto (en-US) reveal that Xinbi swapped approximately $2.8 million in USDT for Decentralized USD (USDD) following the freeze, an Elliptic notes is only partially effective as USDD is backed by freezable assets. The report also confirms OFAC designated the network a significant transnational criminal organization and details a parallel Madagascar operation that dismantled 13 compounds and arrested nearly 400 individuals.
Source: GN markets/crypto (en-US)US authorities have frozen over $52 million in cryptocurrency assets linked to the Xinbi Guarantee marketplace. This action targets a Chinese-language platform accused of facilitating money laundering and scam operations.
Source: GN markets/crypto (en-US)
