The US Department of Justice and the Treasury Department dropped the hammer on a black-market service platform called Xinbi this week, seizing and freezing more than $52 million in crypto assets in a single day. USDT issuer Tether chipped in to help with the operation. With this latest haul, the US task force dedicated to cracking down on scam hubs has now blocked or seized roughly $938 million in total.
Officials say Xinbi operated mainly out of Telegram, functioning as an all-in-one bazaar for scam infrastructure. The platform offered custom fake investment websites, money laundering services, and even recruitment channels for victims of human trafficking—basically running the backend scaffolding for the grey-market industry.
Sitting on the street here in the afternoon heat, the sun is brutal and exhaust fumes from the motorbikes hang heavy in the air. Around the local rentals and industrial parks, it’s common to see guys in their twenties pulling all-nighters tapping away at keyboards. Everyone knows those fake platforms and cash-routing channels are bought off underground digital markets just like this. Now that the authorities are squeezing the pipe at the top, anyone trying to make a living off the crooked stuff down below is going to feel the shockwaves.
