US sanctions Xinbi scam marketplace, restrains $52M in crypto

The US Justice Department has imposed sanctions on Xinbi, a marketplace accused of operating a scam within the crypto space. Authorities seized Xinbi's Telegram channels and two wallets as part of their enforcement measures. Investigators are also pursuing 47 additional wallets linked to the alleged laundering network associated with Xinbi. The total amount restrained in crypto assets amounts to approximately $52 million. This action underscores ongoing efforts by regulators to combat fraudulent schemes and enforce security within the cryptocurrency ecosystem.