Shares tags: Sanctions, MoneyLaundering • Same author: Chainalysis
OFAC and DOJ Strike Xinbi, a Multibillion-Dollar Marketplace for Cybercriminals
2026-09-09 • Chainalysis •
https://www.chainalysis.com/blog/ofac-sanctions-xinbi-cybercriminal-crypto-marketplace
Chainalysis found that DPRK-linked actors laundered tens of millions of dollars stolen in the Bybit and WazirX hacks through Xinbi Guarantee's vendor network. Specialized “Black U” vendors substituted traceable stolen assets for less-tainted stablecoins sourced from other illicit proceeds, enabling conversion through unlicensed OTC desks. U.S. authorities sanctioned Xinbi and supporting technology firms while seizing or restraining more than $52 million in cryptocurrency tied to the marketplace and its vendors.
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