Published • loading... • Updated
DOJ Takes Down Chinese Scam Network Targeting 'Every American with a Retirement Account'
Authorities say the marketplace had more than 650,000 users and processed over $24 billion in assets since 2022.
- On Tuesday, the Justice Department and Treasury Department seized Telegram channels and more than $52 million in cryptocurrency tied to Xinbi Guarantee, a Chinese-language marketplace allegedly facilitating scam centers targeting Americans.
- Xinbi operated as an escrow service on Telegram where vendors sold scam investment websites and money-laundering tools to organized crime syndicates targeting Americans, according to the DOJ.
- The Office of Foreign Assets Control reported Xinbi processed more than $24 billion in digital assets since launching around 2022, while investigators restrained 47 additional cryptocurrency wallets and seized about $12 million.
- Officials sanctioned Singapore-based SafeW Technology and Cambodia-based Anwen Technology for supporting Xinbi, while U.S. Attorney Jeanine Pirro announced the Scam Center Strike Force is expanding its focus globally.
- The FBI urged victims to act quickly, noting that speed improves chances of freezing transfers, as Americans reported more than $11 billion in crypto-related losses in 2025.
Insights by Ground AI
12 Articles
12 Articles
Coverage Details
Total News Sources12
Leaning Left0Leaning Right8Center3Last UpdatedBias Distribution73% Right
Bias Distribution
- 73% of the sources lean Right
73% Right
C 27%
R 73%
Factuality
To view factuality data please Upgrade to Premium
