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FollowingU.S. authorities have frozen US$52 million in cryptocurrency related to "new currency guarantees" and expanded sanctions
U.S. authorities have taken over more than US$52 million in cryptocurrency linked to suspected online fraud markets "Xinbi Guarantee" and its supplier network. The move is part of a campaign to crack down on such illegal criminal infrastructure.
Coordinated Action on Fraud Infrastructure
The U.S. Department of Justice announced on Wednesday that its "Fraud Center Strike Team" had confiscated two digital wallets associated with "New Coin" that together held approximately $12 million in cryptocurrency. Authorities said the wallets were used by "new coins" to receive payments from suppliers involved in illegal operations.
Federal law enforcement agencies have also obtained court approval to restrict access to another 47 wallets suspected of being related to broader money laundering activities in the New Coin operations. On September 7, the U.S. District Court for the District of Colombia approved the seizure of the Telegram channel hosting the "new coin" market. Unsealed court documents show that suppliers use these channels to promote money laundering services, customize fraudulent investment websites, and recruit people to Southeast Asia to participate in fraud park activities.
According to the Justice Department, the coordinated action aims to disrupt the financial and communications infrastructure behind industrial-scale fraud centers, targeting not only individual actors, but also trading platforms and technology service providers that provide support. The statement expressed gratitude to stablecoin issuer Tether for its assistance during the investigation.
Noun explanation:
Xinbi Guarantee: An entity accused of promoting large-scale fraud by providing payment, recruitment and money laundering services through infrastructure based mainly on cryptocurrency.
Vendors on the "New Coin" Telegram channel provide services such as money laundering, customized fraudulent investment platforms, and recruitment of personnel across Southeast Asia fraud parks.
The United States and Britain escalated sanctions
On the same day, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) designated the "New Currency" as a major transnational criminal organization. In addition, the Ministry of Finance also imposed sanctions on SafeW Technology based in Singapore and Anwen Technology based in Cambodia, accusing the two companies of providing technical and financial support for the operation of the New Currency.
The Ministry of Finance said that in view of the intensified law enforcement efforts around June 2025, the New Coin will transfer its merchants and money laundering activities to SafeW's encrypted messaging platform. Anwen Technology has been confirmed as the developer of "New Currency Pay"(also known as NewPay), a cryptocurrency wallet and payment application favored by the network of "New Currency" providers.
Noun explanation:
OFAC: The U.S. Department of the Treasury's Office of Foreign Assets Control is responsible for administering sanctions involving foreign countries and organizations that threaten U.S. security.
According to the Ministry of Finance, since 2022, the New Currency has processed more than US$24 billion in cryptocurrency and fiat transactions through Southeast Asia. Officials said its market has reportedly served North Korean hackers and groups linked to the sanctioned Prince Group.
These sanctions freeze the property and rights of the "new coin" in the United States and generally prohibit U.S. citizens or residents from trading with listed entities.
At the same time, the UK also imposed its own sanctions on the "new coin" on March 26, aiming to cut off the platform's access to global cryptocurrencies. The measures require the freezing of assets in the UK related to the new coin and deny the platform access to the country's financial, trade and travel sectors.
