Treasury Secretary Scott Bessent said Wednesday that scam centers in Southeast Asia steal billions of dollars from Americans each year, as the department sanctioned Xinbi Guarantee, a Chinese-language platform accused of supporting cyber scams.
A $24 Billion Marketplace
Since roughly 2022, the marketplace has processed more than $24 billion in digital assets and fiat currency, according to the Treasury Department.
It also sanctioned two supporting entities, Singapore-based SafeW Technology Co., which built an encrypted messaging app used to coordinate transactions, and Cambodia-based Anwen Technology Co., which built a related cryptocurrency payment wallet.
The action was taken alongside the Justice Department’s Scam Center Strike Force, which seized infrastructure and digital asset wallets tied to Xinbi Guarantee.
