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US sanctions Xinbi Guarantee, a Chinese-linked scam platform laundering $52M in crypto from Americans

Market News
09 Sep 2026
Fox Business
View Source
Bearish
US sanctions Xinbi Guarantee, a Chinese-linked scam platform laundering $52M in crypto from Americans

The US Attorney for the District of Columbia announced sanctions against Xinbi Guarantee, an online platform used by Chinese cybercriminals to facilitate scams targeting Americans, including fraudulent cryptocurrency investments. Authorities restrained $52 million in cryptocurrency linked to Xinbi and designated it a transnational criminal organization tied to North Korean hackers. Xinbi operated primarily on Telegram, selling fake investment websites and money laundering services. US officials also helped shut down 13 scam centers in Madagascar run by Chinese groups, arresting 500 people and repatriating 30 leaders to China. The US government has restrained nearly $938 million linked to such scams to date.

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