The US Department of Justice suspends Xinbi Guarantee and freezes $52 million in cryptocurrency assets

The US Department of Justice and the Office of Foreign Assets Control of the Treasury jointly seized the illegal trading platform Xinbi Guarantee and frozen $52 million in cryptocurrency assets with the assistance of Tether. The task force has frozen a total of 938 million US dollars in fraudulent funds. Law enforcement agencies have taken over Telegram channels related to Xinbi Guarantee, seized $12 million in funds, and frozen 47 associated wallets. The Office of Foreign Assets Control of the Ministry of Finance has added Xinbi Guarantee and two affiliated entities to the sanctions list.