🚨 Elliptic has worked with @SecretService to freeze wallets holding $52.8 million in cryptoassets linked to Xinbi Guarantee, the second largest illicit online marketplace of all time. Merchants on Xinbi sell victim personal data, communications infrastructure and money laundering services to scam operations worldwide. Since 2022 the marketplace has processed at least $24 billion. Guarantee marketplaces run entirely on trust. Merchants post deposits with the platform because criminals have no legal recourse against each other, and the escrow model substitutes for it. That only works while everyone believes their funds are out of reach. But that trust is misplaced. Every dollar that has moved through Xinbi left a permanent record on a public blockchain. We have been investigating that record for years, and this week our work brought those funds within reach of law enforcement. Read how Elliptic's work enabled today's freeze: