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The US announced Wednesday a coordinated operation to dismantle Xinbi Guarantee, a Chinese-language criminal organization accused of processing more than $24 billion in illicit transactions.
The Treasury Department characterized Xinbi Guarantee as a platform used by cybercriminals to operate a large online marketplace for fraud and money laundering, Anadolu agency reported.
Since its establishment around 2022, the group allegedly processed billions in digital assets and fiat currency through a specialized “escrow” system that facilitated criminal services.
The Office of Foreign Assets Control (OFAC), the Treasury division responsible for economic sanctions, designated SafeW Technology in Singapore and Anwen Technology in Cambodia. The firms reportedly provided the encrypted messaging and the digital wallet infrastructure necessary for the group’s coordination and fund movement.
