A $20 Billion Crypto Scam Market Faces a New Government Crackdown
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STIX ID: report--213be24e-be58-5b38-90aa-52af6dc3f3e6
Feed Name: WIRED Security
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The UK has sanctioned the Xinbi Guarantee online marketplace, a large Chinese-language cryptocurrency black market accused of enabling and profiting from scam compounds, human trafficking, and large-scale money laundering; authorities say Xinbi facilitated billions in transactions and sells tools and services used to run online investment and romance scams, while the platform has shown resilience to previous takedowns by rebuilding on Telegram and diversifying infrastructure.
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