The U.S. has imposed sanctions on a Chinese-language cybercrime platform
The United States has imposed sanctions against the transnational criminal organization Xinbi Guarantee—a Chinese-language underground platform actively used by criminal groups and money-laundering networks for cyberfraud operations targeting Americans.
The sanctions were imposed by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury. At the same time, two other companies that supported Xinbi Guarantee’s operations—SafeW Technology and Anwen Technology, based in Singapore and Cambodia, respectively—were also subject to restrictions.
The State Department noted that fraud hubs in Southeast Asia steal billions of dollars from American victims every year.
According to U.S. authorities, Xinbi Guarantee operates a large illegal online marketplace used to facilitate cyberfraud, fraudulent schemes, money laundering, and other criminal activities targeting U.S. citizens.
According to the U.S. Department of the Treasury, since its inception around 2022, more than $24 billion in digital assets and fiat currency have passed through Xinbi Guarantee. The platform primarily facilitated transactions in Southeast Asian countries.
Xinbi Guarantee also provided escrow services to operators of fraud centers, money-laundering networks, and cybercriminal groups. The platform was used, in particular, by North Korean hackers and a number of entities subject to sanctions.
This was reported on Wednesday by State Department spokesperson Tommy Pigott, according to Ukrinform’s correspondent.
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