US Restrains $938M in Cryptocurrency Linked to Xinbi Scam Network
What happened
The US announced that its Scam Center Strike Force has restrained approximately $938 million in cryptocurrency, with about $52 million restrained on a single day. This action targeted Xinbi, a transnational criminal organization that utilized a Telegram marketplace called Xinbi Guarantee to connect vendors offering scam services with cryptocurrency wallets. Investigators seized two Xinbi wallets containing about $12 million and sought restraint on 47 additional wallets.
From ibtimes.co.uk
Why it matters
The US Treasury's Office of Foreign Assets Control (OFAC) designated Xinbi as a significant transnational criminal organization. The funds restrained are linked to scam-centre networks, and the process of potential civil forfeiture is underway, though it does not guarantee victim payments.
From ibtimes.co.uk
Who's involved
- TelegramInstant messaging service used by the Xinbi organization as part of its operational base.
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The entities involved
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Telegram
instant messaging service
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Strike Force
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Related events
- Telegram was used as a recruitment tool for alleged terrorist acts.
- Intelligence provided by Elliptic and Xinbi marketplace led to asset freezes and the shutdown of Huione by Telegram, utilized by the US Secret Service.
- Scammers utilized Telegram, Discord, and the Opulatrix Platform, displaying fake addresses in London and New York for social proof manipulation.
- Scammers are using Telegram to lure victims in Kolkata.
- Encrypted services are organizing local takeovers while social media bans fuel youth unrest in London.