The US has slapped sanctions on the fraudulent marketplace Xinbi and frozen $52 million in crypto. The Department of Justice seized control of Xinbi's Telegram channels and two linked crypto wallets. Investigators are also tracking another 47 wallets tied to Xinbi's alleged money laundering network.

What’s been done so far

Alongside the sanctions, law enforcement moved in on Xinbi’s communication hubs on Telegram and seized two wallets. The crackdown affects $52 million worth of crypto assets.

Investigation still underway

Authorities are now focusing on 47 more wallets they believe are connected to Xinbi’s laundering operation. These addresses are under active investigation as part of the ongoing enforcement effort.