[U.S. Department of Justice Cracks Down on Xinbi Scam Service Market, Seizes $52 Million in Crypto Assets] BlockBeats News, September 9 — According to an announcement from the U.S. Department of Justice, the Department's Fraud Section Task Force, in coordination with the Treasury Department, has taken enforcement action against Xinbi Guarantee, seizing and restricting the disposal of over $52 million in crypto assets in a single day. This brings the total value of assets restricted by the task force to approximately $938 million. Tether actively assisted in this investigation. The Department of Justice alleges that Xinbi is an illegal scam service market primarily operating through Telegram, providing customized investment scam websites, money laundering services, and recruiting victims of human trafficking to work in scam compounds in Southeast Asia. Law enforcement has seized its Telegram channel and two crypto wallets holding approximately $12 million, while restricting the disposal of an additional 47 related wallets. The U.S. Treasury Department's Office of Foreign Assets Control has also designated Xinbi as a significant transnational criminal organization and sanctioned two other entities supporting its operations. The task force further assisted Madagascar in shutting down 13 scam compounds operated by Chinese criminal groups, processing over 3,200 electronic devices, and arresting nearly 400 individuals locally. [Original Link]