On Wednesday, the U.S. Department of Justice (DoJ) revealed a series of coordinated efforts to dismantle an online scam platform known as Xinbi Guarantee. This platform was notorious for providing fraudulent services. Authorities seized several Telegram channels integral to the operation, alongside two cryptocurrency wallets containing substantial assets. Additionally, the DoJ deployed the Scam Center Strike Force to Madagascar, where they targeted 13 locations linked to Chinese organized crime. This operation highlights a significant commitment by U.S. law enforcement to combat online fraud and protect consumers from scams that exploit digital currencies. The freezing of $52.8 million in cryptocurrency underscores the scale of the illicit activities associated with Xinbi Guarantee. The actions taken by the DoJ aim to disrupt the infrastructure of these scams and deter future fraudulent schemes.
U.S. Takes Action Against Xinbi Guarantee Scam Network, Freezes $52.8 Million in Cryptocurrency
The U.S. Department of Justice has launched a crackdown on the Xinbi Guarantee scam marketplace, freezing significant assets and targeting organized crime.
