The Justice Department's Scam Center Strike Force has restrained roughly $938 million in scam-linked cryptocurrency after a $52 million operation against Xinbi Guarantee, a Telegram-based marketplace the Treasury says processed more than $24 billion and was reportedly used by North Korean hackers. The Treasury also sanctioned two companies that supported the platform's operations.
The Justice Department's Scam Center Strike Force has pushed its running total of restrained scam-linked cryptocurrency to roughly $938 million, after a single operation against Xinbi Guarantee froze about $52 million in one day. The department announced the action Sept. 9. It builds on an earlier milestone of more than $580 million in prior seizures.
Xinbi Marketplace Targeted Over Scam Money Laundering
Xinbi allegedly held buyers' payments in escrow until vendors completed their services, connecting operators with suppliers advertising money laundering services through Telegram. Investigators traced U.S. victims' funds to those vendors, according to the warrant.
A federal court authorized seizure of the marketplace's Telegram channels on Sept. 7. Authorities separately seized two payment wallets holding approximately $12 million. The department said it also sought restraint of 47 additional wallets tied to Xinbi's network and its vendors.
According to the Justice Department: "Approximately $52 million of cryptocurrency involved in scam money laundering was restrained in one day", bringing the strike force's total to about $938 million.
Treasury Flags Reported North Korean Use
Treasury estimated Xinbi processed more than $24 billion in transactions since it began operating around 2022, spanning digital assets and government-issued currencies mostly tied to Southeast Asia. Treasury said North Korean hackers and sanctioned entities had reportedly used the platform, including Jin Bei Group and entities within the sanctioned Prince Group, the Cambodia-based network U.S. and British authorities targeted in October 2025 over alleged large-scale fraud and human trafficking.
The Office of Foreign Assets Control also designated Xinbi Guarantee and two supporting companies on Sept. 9: Singapore-based Safew Technology and Cambodia-based Anwen Technology, which Treasury said provided messaging and payment applications supporting Xinbi's operations. Growing scrutiny had already pushed Xinbi to begin shifting its merchant and laundering networks to an encrypted messaging app around June 2025, Treasury said.
Strike Force Also Deployed to Madagascar
Separately, the strike force sent investigators to Madagascar to support local authorities targeting 13 Chinese-run scam compounds. Over a two-week deployment, the team helped process more than 3,200 electronic devices. It also opened investigations based on interviews with nearly 400 arrestees, the Justice Department said.
Source: U.S. Attorney's Office, District of Columbia
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