Pirro unveils crackdown on Chinese-language scam marketplace

Key Points:

• U.S. Attorney Jeanine Pirro announced sanctions against Xinbi Guarantee, an online platform used by Chinese cybercriminals to facilitate scams targeting Americans, particularly through fraudulent cryptocurrency investments.
• The Treasury Department designated Xinbi as a transnational criminal organization tied to North Korean hackers, effectively cutting it off from the U.S. financial system and freezing $52 million in cryptocurrency linked to the network.
• Xinbi operated primarily on Telegram, offering services like fake investment websites and money laundering, and was also involved in recruiting trafficking victims to work at scam compounds in Southeast Asia.
• Federal authorities seized Xinbi's Telegram channels and recently assisted in shutting down 13 scam centers in Madagascar, arresting 500 individuals and repatriating 30 Chinese leaders to China.
• Officials warned Americans to be cautious of unsolicited investment offers on social media and emphasized the importance of not sending money to unknown contacts promoting cryptocurrency schemes.