A $20 Billion Crypto Scam Market Faces a New Government Crackdown

UK Foreign Office announced financial sanctions against the Xinbi Guarantee online marketplace.

UK government seized assets linked to sanctioned individuals, including a £9 million London penthouse.

Xinbi Guarantee operated via Telegram channels and accounts the marketplace used messaging-platform channels and accounts to conduct activity.

Facilitated billions of dollars in transactions since 2022, elliptic analysis reported at least $8.4 billion in transactions since 2022.

Tom Robinson/Elliptic estimated to have processed about $19.7 billion in total estimate includes Xinbi merchants and infrastructure.