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

Chainalysis and law enforcement analysis describes OFAC and DOJ actions against Xinbi Guarantee, a Chinese-language illicit marketplace that has facilitated money laundering, scam infrastructure, stolen data sales, and other criminal services; the report links DPRK-associated actors to tens of millions in stolen cryptocurrency laundered through Xinbi using a "Black U" substitution method, notes Xinbi processed an estimated $24 billion since 2022, and summarizes coordinated seizures and restraints of roughly $52 million in crypto and related infrastructure takedowns.