A Telegram-based marketplace known as Xinbi Guarantee has been sued by U.S. authorities for providing services to scam centers engaged in cyber fraud and money laundering. This operation involved seizing Telegram channels and cryptocurrency wallets connected to the marketplace, as well as freezing digital assets worth more than $52 million. 

A U.S. Department of Justice announcement was made in conjunction with a broader operation led by the Scam Center Strike Force. Authorities also deployed teams to Madagascar to support the disruption of 13 scam compounds that were allegedly operated by Chinese organized crime groups. According to the Justice Department, approximately $52 million in cryptocurrency tied to scam-related money laundering has been restrained in a single day.

The strike force has therefore restrained about $938 million in total assets. The Xinbi Guarantee platform became a major marketplace for the cybercrime ecosystem after other similar services, such as HuiOne Guarantee and Tudou Guarantee, were discontinued. Through the use of Telegram, the platform enabled scam operators to connect with vendors providing services required for large-scale fraud schemes. 

As reported by the marketplace, services offered include the creation of fraudulent investment sites, the laundering of proceeds from wire fraud, and recruitment of individuals for scam compounds in Southeast Asia. Additionally, Xinbi served as an intermediary, holding payments until vendors completed the requested services. Using blockchain analytics, Elliptic identified and frozen wallets holding $52.8 million in Tether's USDT stablecoin in coordination with the United States Secret Service. 

According to Xinbi's estimates, it has processed approximately $30 billion in transactions since its emergence around 2022, ranking among the top illicit marketplaces to date. Also linked to U.S. sanctions are entities involved in this marketplace. 

A US Treasury official indicated that Xinbi's infrastructure had been used by North Korean hackers and sanctioned groups related to the Prince Group. Two cryptocurrency wallets containing approximately $12 million were seized from Xinbi that were used to receive vendor payments directly. In addition, two companies accused of supporting Xinbi's operations were sanctioned. 

SafeW Technology of Singapore was sanctioned based on its role as a provider of encrypted communications, whereas Anwen Technologies of Cambodia was sanctioned for its association with XinbiPay, also known as NewPay, an application for digital wallets. 

It was discovered by blockchain intelligence firm TRM Labs that Xinbi's network offers a wide range of services, including stolen personal information, counterfeit identification documents, artificial intelligence-driven deep fake tools, satellite internet equipment and over-the-counter cryptocurrency exchanges. These services provided scam groups with the technical and financial resources necessary for large-scale fraud campaigns.

According to TRM Labs, Xinbi may have handled more than $36 billion in transactions, higher than the U.S. government estimate of over $24 billion. As a result of the decline in HuiOne Guarantee and Tudou Guarantee, daily inflows almost doubled between May and December 2025, according to the firm's analysis. 

Elliptic reported Xinbi appeared offline in response to the latest action, and Telegram removed its main channels and banned the platform's usernames, thereby negatively affecting the marketplace's online presence. This disruption poses a direct threat to a marketplace that relies on communication channels, vendor connections, and cryptocurrency payments for its operation. 

A larger U.S. effort is being made to disrupt the infrastructure underlying Southeast Asia's scam economy. The Scam Center Strike Force has expanded its activities beyond financial seizures, with teams sent to Madagascar to assist with the closure of 13 scam compounds allegedly operated by Chinese criminal groups. 

In addition to drawing attention to the financial threat, the U.S. government has also emphasized its scale. During 2024, Americans lost at least $10 billion to scams originating from Southeast Asia, according to a March report published by the U.S.-China Economic and Security Review Commission; losses are expected to increase in 2025. The commission noted that criminal groups are maintaining their operations in spite of enforcement efforts by using advanced technology and cryptocurrency. 

Separate investigations conducted by the House Select Committee on China have indicated that scam compounds in Cambodia and Myanmar are part of a larger criminal ecosystem which includes money laundering, cyber fraud, and human trafficking. 

The findings show that online scam operations are increasingly supported by interconnected financial, technological, and physical infrastructures rather than isolated fraud groups. An action against Xinbi Guarantee demonstrates the growing focus on dismantling the financial, technological, and communication infrastructure that supports large-scale cyberfraud schemes.