On Wednesday, the Trump administration imposed sanctions on the Chinese-language marketplace Xinbi Guarantee and two of its affiliated organizations, as part of an expanded initiative to combat transnational cybercrime.
The U.S. Department of Justice further announced the seizure of Telegram channels and cryptocurrency wallets associated with the platform, which has over 650,000 users, resulting in the freezing of more than $52 million in suspected laundered funds within a single day.
Jeanine Pirro, the U.S. Attorney for the District of Columbia, remarked at a press conference: “This is not a distant overseas crime story.” She added, “It is an industrial extraction of American savings run by Chinese transnational criminal enterprises and platforms.”
Wednesday’s operations were conducted by the U.S. Department of Justice’s inter-agency Scam Centre Strike Force, in collaboration with the Department of the Treasury.
Xinbi Guarantee, which operates via the encrypted messaging platform Telegram, stands accused of facilitating scam centers in purchasing and selling illicit services aimed at Americans, serving as a central hub that connects criminal syndicates with merchants.
Singapore-based SafeW Technology Co and Cambodia-based Anwen Technology Co were also subjected to sanctions, accused of providing applications that supported Xinbi Guarantee’s operations.
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