The U.S. government imposed sanctions on Sept. 9 against a Chinese-run online marketplace used to conduct cyber scams after the U.S. Justice Department’s Scam Center Strike Force restrained millions in laundered funds.
The Treasury Department’s Office of Foreign Assets Control sanctioned Xinbi Guarantee, a transnational criminal organization and Chinese-language platform. The department said the platform was used extensively by Chinese cybercriminals and operated as a “large illicit online marketplace.”
It was used to support cyber scams, money laundering, fraud, and other criminal activity targeting Americans, the U.S. government said.
Treasury officials allege that Xinbi Guarantee’s platform processed the equivalent of more than $24 billion in digital assets and fiat currency since its establishment around 2022. The department also said that North Korean hackers and several entities sanctioned by the United States used the online marketplace….