The US government has taken decisive action against Xinbi Guarantee, a digital marketplace accused of facilitating substantial cybercrime and financial fraud. This platform has been designated as a transnational criminal organization by the Treasury Department’s Office of Foreign Assets Control. Xinbi is alleged to have supported illicit activities such as money laundering and cyber scams, impacting US citizens and involving criminal networks across various regions.
Operating primarily in Chinese, Xinbi has reportedly processed over $24 billion in transactions since 2022, with a significant portion of activity centered in Southeast Asia. The platform is said to have offered support to entities like the Jin Bei Group and the Prince Group, both of which are involved in transnational crime. US officials have linked North Korean hackers to Xinbi, accusing the platform of being a conduit for laundering stolen cryptocurrency funds.
A notable incident highlighting Xinbi's involvement was a 2024 breach of the Indian cryptocurrency exchange WazirX, which led to a $235 million loss. Blockchain analysis by Elliptic indicated that $220,000 in USDT from this theft passed through Xinbi’s infrastructure. As regulatory pressure increased, Xinbi shifted operations to SafeW, an encrypted messaging service, around June 2025, advising users to conduct transactions there.
The crackdown on Xinbi involved the Department of Justice’s Scam Center Strike Force, resulting in the seizure of digital assets and infrastructure linked to the marketplace. The US Secret Service froze wallets associated with Xinbi, holding approximately $52.8 million in cryptocurrency. This effort is part of a broader initiative targeting scam centers in Southeast Asia, which cause significant financial losses to US victims annually.
Sanctions against Xinbi mandate US entities to block assets and interests tied to the organization, prohibiting transactions unless authorized. This move aims to disrupt the financial and technological networks enabling cross-border cybercrime. By designating Xinbi as a transnational criminal organization, authorities are demonstrating a commitment to protecting financial systems and mitigating the impact of cyber-enabled fraud on global victims.
