20 Billion Dollar Xinbi Crypto Guarantee Market Faces UK Government Crackdown

British Sanctions Target Massive Crypto Scam Operation Preying on Victims Worldwide\n\nA billion crypto scam market known as Xinbi faces a new government crackdown as UK sanctions target the operation.\n\n### The Scam\n\n- Xinbi operated a billion crypto guarantee scam market\n- UK government imposing sanctions on operators\n- Scheme preyed on victims worldwide with fake guarantees\n- One of the largest crypto fraud operations ever targeted\n\n### How It Worked\n\nXinbi promised investors guaranteed returns on crypto deposits, operating as a Ponzi-like scheme that used new investor funds to pay earlier participants while operators extracted billions.\n\n### The Crackdown\n\nThe UK sanctions represent one of the largest enforcement actions against a single crypto fraud. International coordination with other governments is expected as the scale of victims spans multiple countries.\n\nSource: WIRED, Matt Burgess and Lily Hay Newman