Secret Service Freezes $52.8 Million in Crypto Tied to Telegram Bazaar Behind Global Scams
Covered by 2 sources · 2 articles
The US Secret Service froze $52.8 million in USDT connected to Xinbi Guarantee, which the Treasury designated as a transnational criminal organization. The move followed investigative work by blockchain analytics firm Elliptic, which traced illicit funds tied to the group. Xinbi operated a scam marketplace on Telegram that had processed an estimated $24 billion, and the Treasury also sanctioned two of its partners. After the asset seizure, Xinbi attempted to move funds into STABLEUSD, though the freeze halted the transfer. The organization disputed the government action as unfair.
- $52.8 million in stablecoins tied to a Telegram-based scam operation was frozen by US authorities after blockchain tracing identified the connection.
- Xinbi Guarantee processed roughly $24 billion through its illicit marketplace and was formally designated a transnational criminal organization by Treasury.
- The group tried to evade the freeze by moving assets to another stablecoin, highlighting how quickly bad actors attempt to shift funds across blockchain rails.
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US Secret Service freezes $52.8 million in USDT from Xinbi marketplace
🚨 US Secret Service froze $52.8 million in $USDT linked to Xinbi Guarantee. 🛑 Treasury labeled Xinbi a transnational criminal organization and sanctioned two partners. 💰 Xinbi tried moving millions into USDD after assets were seized. 🕵️…
Secret Service Freezes $52.8 Million in Crypto Tied to Telegram Bazaar Behind Global Scams
Blockchain sleuths at Elliptic traced the money, Treasury sanctioned the marketplace, and Xinbi—which ran $24 billion through a Telegram scam bazaar—called the freeze unfair.