U.S. Authorities Restrain $52 Million in Cryptocurrency Linked to Xinbi Guarantee

Federal authorities restrained approximately $52 million in cryptocurrency in a single day as part of a crackdown on Xinbi Guarantee, a crypto-linked marketplace allegedly connected to scams and illicit financial activity. The action brings the Justice Department’s crypto enforcement strike force’s reported total to roughly $938 million.

Marketplace Processed More Than $24 Billion

The U.S. Treasury Department said Xinbi Guarantee processed more than $24 billion in transactions. The marketplace was also reportedly used by North Korean hackers, adding to concerns about its role in facilitating cybercrime and sanctions evasion.

Authorities have not publicly detailed the full breakdown of the assets restrained in the latest action. In this context, restraining cryptocurrency generally refers to placing assets under legal control while an investigation or forfeiture proceeding moves forward.

Enforcement Effort Nears $1 Billion

The latest action raises the Justice Department strike force’s reported cryptocurrency restraints to approximately $938 million. The figure reflects the growing use of blockchain analysis and asset-seizure tools in investigations involving scams, cybercrime and illicit finance.

The case involving Xinbi Guarantee remains part of a broader federal effort to disrupt crypto marketplaces allegedly used to move proceeds from criminal activity. Authorities’ allegations and any related forfeiture claims remain subject to legal proceedings.