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OFAC and DOJ Strike Xinbi, a Multibillion-Dollar Marketplace for Cybercriminals

Summary

• U.S. authorities have sanctioned Xinbi Guarantee, a major Chinese-language illicit marketplace that connects criminal networks with money laundering, scam infrastructure, stolen data, and other illicit services.
• Chainalysis findings shows DPRK-linked actors moved tens of millions of dollars stolen from major crypto hacks, including Bybit and WazirX, through Xinbi’s vendor network, using specialized “Black U” laundering services to swap traceable stolen funds for less-tainted stablecoins.
• The crackdown has disrupted Xinbi’s financial and online infrastructure, with authorities seizing or restraining more than $52 million in cryptocurrency across Xinbi and its vendor network and targeting dozens of associated wallets.

...read more at chainalysis.com