Bessent says Treasury will disrupt Asia scam networks

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. , 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.

Read Also: Bitcoin, Ethereum, XRP, Dogecoin Dip: Top Analyst Says BTC Whales 'Staying on Sidelines' as CPI Data, Fed Move on Interest Rates Loom ‘Billions Stolen From American Victims’ “Scam centers in Southeast Asia steal billions of dollars from American victims each year,” Bessent said in a post on X. ” Scam centers in Southeast Asia steal billions of dollars from American victims each year. S. 8 million in cryptoassets linked to Xinbi Guarantee and its merchants.

” The group said it would stop accepting deposits in Tether’s USDT stablecoin and switch exclusively to a different token, USDD, urging users to diversify their holdings to reduce further risk. Part of a Broader Crackdown The sanctions build on earlier Treasury actions against the Prince Group and Huione Group, another financial network linked to scam operations. Treasury said cybercriminals previously tied to Huione had migrated to Xinbi Guarantee’s platform after that earlier crackdown.

Read Also: Apple, Meta, AeroVironment, SUNation Energy and American Eagle Outfitters: Why These 5 Stocks Are on Investors' Radars Today Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published editors. Image via Shutterstock/ Maxim Elramsisy