In brief

• The U.S. Secret Service froze $52.8 million in USDT held across 52 wallets tied to Xinbi Guarantee on September 8, using intelligence from blockchain analytics firm Elliptic.
• Treasury’s OFAC designated Xinbi a “significant transnational criminal organization” the same day, and the DOJ’s Scam Center Strike Force says it has now seized $938 million since launching in November 2025.
• Xinbi called the freeze “arbitrary” and moved $2.8 million into USDD, a stablecoin that lacks USDT’s built-in freeze switch—though its reserves are partly backed by USDT anyway.