The U.S. Secret Service has frozen $52.8 million in cryptocurrency linked to Xinbi, a Telegram-based marketplace associated with global scams, according to Decrypt. Blockchain analytics firm Elliptic traced the funds, while the U.S. Treasury Department sanctioned the marketplace. Xinbi had processed $24 billion through the Telegram bazaar, and the platform described the asset freeze as unfair. The action highlights the use of blockchain tracing and sanctions measures against crypto flows connected to online scam operations. The reported freeze concerns funds tied to the marketplace and its activity; the supplied information does not identify the specific cryptocurrencies involved or provide details on any impact to the wider digital-asset market.
