U.S. federal authorities have restrained approximately $938 million in scam-linked cryptocurrency through the Justice Department's Scam Center Strike Force, following an enforcement action against Xinbi Guarantee, a marketplace operating on Telegram.
On September 9, the department announced that $52 million in cryptocurrency involved in scam money laundering was restrained in a single day's operation. A federal court authorized seizure of the marketplace's Telegram channels on September 7, and authorities also seized two payment wallets holding approximately $12 million. Law enforcement sought restraint of 47 additional cryptocurrency wallets believed to be associated with money laundering on Xinbi's network.
Scale of Operations
Xinbi Guarantee processed more than $24 billion in transactions since its inception around 2022, according to Treasury estimates. The figure covers digital assets and government-issued currencies processed through its marketplace and platforms, primarily supporting transactions in Southeast Asia.
The marketplace allegedly functioned as an escrow service, holding buyers' payments until vendors completed their services. Investigators traced U.S. victims' funds to vendors advertising money laundering services through Telegram.
North Korean Links and Designated Entities
Treasury reported that North Korean hackers and sanctioned entities had allegedly used the platform. Those reported users included Jin Bei Group and entities within the sanctioned Prince Group, which U.S. and British authorities targeted in Cambodia in October 2025 on allegations involving large-scale fraud and human trafficking.
The Treasury Department's Office of Foreign Assets Control designated Xinbi Guarantee and two supporting companies on September 9: Singapore-based Safew Technology and Cambodia-based Anwen Technology, identified as providers of messaging and payment applications supporting Xinbi's operations.
Vendor Services and Scam Infrastructure
Alleged services sold through Xinbi included custom investment scam websites, linking its vendor network to fake cryptocurrency platforms used to solicit deposits. Growing enforcement scrutiny prompted Xinbi to begin shifting merchant and laundering networks to an encrypted messaging application around June 2025.
International Enforcement Actions
The strike force deployed investigators to Madagascar to support local authorities targeting 13 Chinese-run scam compounds. During a two-week deployment, the team helped process more than 3,200 electronic devices and opened investigations based on interviews with nearly 400 arrestees.
