US authorities have blocked over $52 million in cryptocurrency assets linked to the Xinbi Guarantee marketplace. The US Treasury Department's Office of Foreign Assets Control has designated the platform as a significant transnational criminal organization, alleging it facilitated money laundering for fraudulent operations.
The Department of Justice seized two crypto wallets containing approximately $12 million used by the platform to collect payments. Authorities also sought to block 47 additional wallets associated with the marketplace. Tether provided assistance during the investigation, and a federal court authorized the seizure of the platform's Telegram channels.
Since its inception around 2022, Xinbi has processed over $24 billion in cryptocurrency and fiat transactions. The platform reportedly attracted former clients of the Huione marketplace. Following a 90% increase in daily inflows recorded by TRM Labs in July, the UK imposed sanctions on Xinbi in March 2026 for its involvement in selling stolen data.
The marketplace operated as an escrow service for fraudulent activities, including the creation of fake investment sites. US sanctions also target two of Xinbi's technology partners, prohibiting American entities from engaging in transactions with them and freezing any assets held within US jurisdiction.
