US Treasury Sanctions Xinbi Guarantee and Other Entities Linked to $24 Billion in Cryptocurrency Fraud Funds

The U.S. Department of the Treasury has sanctioned the guarantor of the online marketplace Xinbi, suspected of assisting Chinese cybercriminals, alleging involvement in illegal financial transactions totaling up to $24 billion since 2022. Two affiliated entities providing technical support, SafeW and Anwen, were also added to the sanctions list.