Tether Freezes $39.3M USDT Across Xinbi-Linked Tron Wallets

Tether has frozen roughly $39.3 million in USDT across 10 Tron addresses linked to Xinbi Guarantee, extending a series of stablecoin blacklists targeting wallets associated with high-risk and sanctioned crypto networks.

The addresses held a combined 39,273,713 USDT when they were frozen on September 8, blockchain-tracking platform MistTrack identified. The largest wallet held more than $10 million, with the restrictions preventing the affected USDT from being transferred at the token-contract level.

Xinbi Has Processed $24.2B in Crypto Transactions

Xinbi emerged around 2022 as a Chinese-language guarantee marketplace offering escrow infrastructure to vendors operating through Telegram. Its activity has since expanded well beyond the $8.4 billion traced to the platform when it first drew wider scrutiny in May 2025.

Xinbi has now processed approximately $24.2 billion in total transaction volume, including $12.1 billion in observed inflows since May 2025. TRM Labs has linked its infrastructure to scam operations, money-laundering networks, stolen-data sales, fake identification documents and cybercrime services operating across Southeast Asia.

Telegram removed channels connected to Xinbi and Huione Guarantee on May 13, 2025. Xinbi rebuilt its presence within days, and its daily inflows subsequently rose by almost 90%, while the platform also began shifting users toward alternative messaging and payment infrastructure.

UK Sanctioned Xinbi in March

The UK imposed an asset freeze on Xinbi on March 26, becoming the first country to sanction the marketplace. The designation accused Xinbi of enabling and profiting from Southeast Asian scam centres and providing crypto services used to move criminal proceeds.

The official sanctions designation identifies two Tron addresses associated with Xinbi Company Limited and imposes both an asset freeze and director-disqualification sanctions.

The latest Tether action follows an earlier freeze of Huione-linked funds. Huione operated another large Telegram guarantee marketplace before enforcement expanded against its financial and technical infrastructure, including a subsequent DOJ seizure of a cloud account supporting Huione Group subsidiaries.

Tron Remains at Center of USDT Blacklists

Tron has accounted for most of Tether’s recent blacklist activity. A 30-day period tracked in May included roughly $506 million frozen on Tron, compared with less than $9 million on Ethereum.

Tether can add individual addresses to USDT’s blacklist at the smart-contract level, immobilizing balances without stopping the underlying Tron address from receiving or holding other assets. That issuer control has been used in sanctions cases, fraud investigations and law-enforcement actions involving stolen or illicit funds.

MistTrack’s latest attribution covers 10 Xinbi-linked addresses and 39,273,713 USDT. Tether had not publicly attached a separate explanation to the September 8 blacklists at publication time, leaving the onchain freeze and Xinbi wallet attribution as the confirmed scope of the action.

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