US sanctions Xinbi scam marketplace, restrains $52M in crypto
60-second summary
US Justice Department seizes Xinbi’s Telegram channels and two crypto wallets, targeting a suspected laundering network that moved roughly $52 million. Investigators also pursue 47 additional wallets linked to the marketplace’s scam operations. The enforcement action highlights heightened regulatory scrutiny, prompting investors to reassess exposure to illicit platforms and potentially tightening overall market liquidity.
The Justice Department seized Xinbi’s Telegram channels and two wallets as investigators pursued 47 additional wallets across its alleged laundering network.