US Seizes $52 Million in Crypto from Xinbi Marketplace
US authorities have restrained over $52 million in cryptocurrency assets linked to the Xinbi Guarantee marketplace. Federal agencies moved to disrupt the infrastructure used for money laundering and illicit transactions.
US authorities restrained more than $52 million in cryptocurrency assets tied to the Xinbi Guarantee marketplace. Federal investigators seized two wallets holding approximately $12 million in digital assets. The court also ordered the restraint of 47 additional addresses linked to vendors and suspected money laundering operations.
The Treasury Department designated Xinbi as a significant transnational criminal organization. Officials sanctioned SafeW Technology and Anwen Technology for providing messaging and payment infrastructure. This action targets both the movement of funds and the platforms used to organize illicit transactions.
Infrastructure Seizure Disrupts Operations
A federal court authorized the seizure of Telegram channels used by the marketplace on September 7. Investigators identified these channels as key tools for coordinating merchant activity. The crackdown also targets payment providers that connect hacks and scams to cash-out networks.
Xinbi had shifted merchant coordination to the encrypted SafeW application by June 2025. The platform introduced XinbiPay, also known as NewPay, to manage transactions. Sanctioning these service providers aims to cut off the infrastructure used to move stolen crypto and scam proceeds.
Link to North Korean Hackers
Blockchain analysis firm Chainalysis reported that North Korea-linked actors moved tens of millions of dollars through Xinbi vendors. Specialist operators known as Black U launderers helped break on-chain links between stolen assets and withdrawals. These vendors replaced traceable crypto with stablecoins sourced from separate illicit revenue streams.
The model allowed stolen tokens to disappear into larger pools of criminal flows. Hackers received different assets that could be moved through unlicensed over-the-counter desks. This process facilitated the conversion of digital assets into fiat currency while evading blockchain tracing.
Market Scale and Vendor Services
Xinbi processed an estimated $24 billion in digital assets and fiat since its emergence in 2022. The platform served as one of the largest transaction-guarantee markets in the region. It connected cyber theft, fraud proceeds, and underground cash-out networks into a single financial ecosystem.
Chainalysis noted that the platform hosted vendors offering cash delivery and bank-card fraud services. Other services included personal data sales and know-your-customer bypasses. Some vendor channels also served as recruitment pipelines for scam compounds involving forced labor.
