The U.K.’s FCDO has sanctioned Xinbi, a Telegram-based marketplace that sells stolen data and satellite internet equipment and provides cryptocurrency services used to support scam centres and launder proceeds. The action also targets the Cambodia-linked ‘#8 Park’ compound and its operator Legend Innovation Co to disrupt large-scale investment and romance scam operations tied to the Prince Group and illicit crypto flows. #Xinbi #8Park #PrinceGroup #LegendInnovationCo #Chainalysis #ByexExchange #ChenZhi
Keypoints
- The U.K.’s FCDO sanctioned Xinbi for selling stolen data and providing crypto services to scam networks in Southeast Asia.
- Chainalysis reports Xinbi processed over $19.9 billion between 2021 and 2025, facilitating money laundering and unlicensed OTC trades.
- The sanctions also target #8 Park and Legend Innovation Co, alleged to be Cambodia’s largest scam compound linked to the Prince Group.
- Scam centres in Myanmar, Cambodia, and Laos coerce trafficked workers and use stolen databases from platforms like Xinbi to run pig-butchering and romance scams.
- FCDO measures aim to isolate illicit platforms from legitimate crypto infrastructure, building on prior asset seizures and shutdowns tied to Chen Zhi and the Prince Group.