Secret Service Freezes $52.8 Million in Crypto Tied to Telegram Bazaar Behind Global Scams
60-second summary
The Secret Service freezes $52.8 million of crypto tied to Telegram’s Xinbi scam bazaar, which processed about $24 billion in fraudulent transactions. Elliptic blockchain analysts traced the funds, and the Treasury subsequently sanctioned the marketplace. Xinbi claims the freeze is unfair, while regulators signal tighter enforcement, likely tightening liquidity and investor confidence across illicit crypto markets.
Blockchain sleuths at Elliptic traced the money, Treasury sanctioned the marketplace, and Xinbi—which ran $24 billion through a Telegram scam bazaar—called the freeze unfair.