When it comes to the veteran escrow platform SingX (Xinbi), it actually changed hands way back in June of last year. The original owner, Menghuan, handed the operation over to a group of investors led by a guy named Wei Ge. When Menghuan and I chatted at the time, he admitted straight up that the deal was worth $130 million—a figure very few people on the outside knew about.
According to common industry estimates, the platform pulls in around 7 million USDT a month in revenue. The new team has been running the show for 14 months now, so on paper, the volume looks massive. But since independent data has never been made public, everyone’s just guessing. Now that the US has stepped in directly and frozen over $50 million, a lot of that cash actually belongs to vendors and online users—it's not all the platform's own capital.
For the new team, that $130 million cash cow they bought has completely blown up in their faces. With the US OFAC stepping in directly, turning things around is going to be mission impossible. Anyone out there claiming customer service is working on a fix is just running a scam, waiting to fleece people a second time. Big boss Wei Ge is currently vacationing in the US with no return date in sight, and given how things stand right now, nobody can say how this is going to play out.
