United States | News & Politics

2853 readers

9 users here now

Welcome to !usa@midwest.social, where you can share and converse about the different things happening all over/about the United States.

If you’re interested in participating, please subscribe.

Rules

Be respectful and civil. No racism/bigotry/hateful speech.

Post anything related to the United States.

founded 2 years ago

MODERATORS

simsymbiote@midwest.social

Type1@midwest.social

An $8.4 Billion Chinese Hub for Crypto Crime Is Incorporated in Colorado (www.wired.com)

submitted 3 weeks ago by Hotznplotzn@lemmy.sdf.org to c/usa@midwest.social

0 comments fedilink hide all child comments

Before a crackdown by Telegram, Xinbi Guarantee grew into one of the internet’s biggest markets for Chinese-speaking crypto scammers and money laundering. And all registered to a US address.

[...]

According to new research released today by crypto-tracing firm Elliptic, a company called Xinbi Guarantee has since 2022 facilitated no less than $8.4 billion in transactions via its Telegram-based marketplace prior to Telegram’s actions in recent days to remove its accounts from the platform. Money stolen from scam victims likely represents the “vast majority” of that sum, according to Elliptic's cofounder Tom Robinson. Yet even as the market serves Chinese-speaking scammers, it also boasts on the top of its website—in Mandarin—that it's registered in Colorado.

[...]

no comments (yet)

sorted by: hot top controversial new old

there doesn't seem to be anything here