Treasury Sanctions a $24 Billion Scam Marketplace as It Flees Tether for a Rival Stablecoin

OFAC designated Xinbi Guarantee, the Chinese-language platform that absorbed Huione’s customers after US regulators shut that network out, while the Justice Department seized its infrastructure. Its operators had already told users they were leaving tether for a stablecoin that is harder to freeze.

Treasury sanctions $24 billion scam marketplace fleeing Tether for rival stablecoin

Original Image Credits: Gage Skidmore / flickr.com

Posted September 9, 2026 at 6:18 pm EST.

Every time US authorities cut off one of the marketplaces that supplies Southeast Asia’s scam compounds, the business moves somewhere else. On Wednesday the Treasury Department sanctioned the place it moved to.

The Office of Foreign Assets Control designated Xinbi Guarantee, a Chinese-language platform it called a transnational criminal organization, along with two companies that supply its tools. The Justice Department’s Scam Center Strike Force seized the marketplace’s infrastructure and digital-asset wallets the same day. Since roughly 2022, Xinbi has processed more than $24 billion in digital assets and fiat currency, according to Treasury, which said its users have reportedly included North Korean hackers and entities already under US sanctions.