Key points

  • OFAC sanctioned Xinbi Guarantee, SafeW Technology and Anwen Technology in a coordinated September 9 action.
  • The Justice Department said two wallets holding about $12 million were seized and 47 more were targeted for restraint.
  • Authorities reported more than $52 million restrained overall; sanctions and seizure allegations are not criminal convictions.

U.S. authorities have targeted Xinbi Guarantee in a coordinated sanctions and cryptocurrency enforcement action. The Treasury Department's Office of Foreign Assets Control designated Xinbi as a significant transnational criminal organization, while the Justice Department said more than $52 million in cryptocurrency was restrained across Xinbi and its vendor network.

The measures were announced on September 9 and address different legal functions. Treasury sanctions restrict dealings with designated entities, while Justice Department seizures and restraints are court-backed steps intended to secure specific property during an investigation.

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Two wallets seized and 47 more targeted

The Justice Department said a federal court authorized the seizure of Telegram channels hosting the alleged marketplace on September 7. Investigators also seized two cryptocurrency wallets used to collect vendor payments, holding approximately $12 million, and sought restraints against 47 additional wallets believed to be connected to money laundering activity.

According to the department, the combined operation restrained more than $52 million from Xinbi and vendors accused of supporting scam-center networks. The distinction between seized and restrained funds is important: the announcement describes about $12 million in two wallets as seized, not the entire $52 million figure.

The government credited Tether with assistance in the investigation. Its release does not provide a public wallet-by-wallet accounting of all restrained funds, and the legal process surrounding the assets may continue.

What Treasury alleges about Xinbi

Treasury describes Xinbi as a Chinese-language platform that connected scam-center operators with merchants offering financial, technological and other services. The department says the marketplace provided escrow services and processed the equivalent of more than $24 billion in digital assets and fiat currency from around 2022, primarily facilitating transactions in Southeast Asia.

Those descriptions are official government allegations and should not be presented as judicial findings. CoinDesk, Cointelegraph and Decrypt independently reported the coordinated action, but their coverage also relies heavily on the Treasury and Justice Department announcements for the central enforcement facts.

Technology providers included in sanctions

OFAC also designated Singapore-based SafeW Technology and Cambodia-based Anwen Technology. Treasury alleges that Xinbi began moving merchant and money-laundering activity to SafeW's encrypted messaging application around June 2025, while Anwen developed a cryptocurrency payment and wallet application known as XinbiPay or NewPay.

Under the sanctions, property and interests in property of the three designated entities that are in the United States, or under the possession or control of U.S. persons, are blocked and must be reported to OFAC. U.S. persons are generally prohibited from transacting with the designated parties unless an exemption or authorization applies.

Why the action matters for crypto platforms

The case shows how enforcement can combine blockchain tracing, wallet controls, communication-platform seizures and financial sanctions. It also demonstrates why headline totals require careful reading: a restrained balance is not automatically forfeited, recovered by victims or evidence of a final criminal judgment.

Treasury said the action complements United Kingdom sanctions imposed against Xinbi in March 2026 and builds on earlier U.S. measures involving Prince Group and Huione Group. The next material developments will be court proceedings, any additional wallet disclosures, and information about whether restrained assets ultimately become subject to forfeiture or victim recovery. Until then, the announced figures describe enforcement steps and allegations, not compensation already returned to affected individuals.

Sources

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