The record
Written from the 1 report below. Nothing here is unsourced.
- The U.S.
- Justice and Treasury departments took coordinated action against the illicit Telegram marketplace Xinbi Guarantee, seizing its channels and freezing $52.8 million in cryptocurrency.
- The Scam Center Strike Force helped dismantle 13 scam compounds in Madagascar run by Chinese organized crime syndicates.
- Xinbi Guarantee is described as the second largest illicit marketplace of all time, with $30 billion in transactions since it began around 2022.
- The marketplace enabled 'pig butchering' romance scams by selling services like custom scam websites, money laundering, and trafficking victims for scam compounds.
- Strike Force funds restrained now total roughly $938 million, and the U.S. says these centers steal billions of dollars from American victims each year.
What to watch next
- Xinbi may reemerge under a new name, as HuiOne Guarantee did when it reemerged as Tudou Guarantee.
- Xinbi has shifted to USDD, a stablecoin without a central freezing feature, so watch whether other scam marketplaces follow suit.
- The Strike Force plans to expand operations targeting scam center compounds globally.
Coverage1
1 report
English national1
All filed from India
Named United States · Madagascar · China · Jin Bei Group Co., Ltd. · Prince Group TCO · Telegram · Tether · Xinbi Guarantee · Department of Justice · Elliptic · Office of Foreign Assets Control · Scott Bessent · Secret Service · Tara McLeese · Tom Robinson
The 1 report is listed beside the record.
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