Crackdown on Chinese Scamming Network

So today we announce significant actions against

Xinbi Guarantee Network. This is an

illicit scamming marketplace. As alleged in our

seizure warrant, Xinbi marketplace over, has over six

hundred and fifty thousand users, it's housed on Telegram,

and it's where vendors market their services to scam

us. The Telegram channel operates

primarily in Chinese. The vendors post

available services on the Telegram

channel to create... and they include creating custom

scam investment websites, laundering

websites, which is really washing our money that the

scammers obtain from us,

and they solicit trafficking victims to work in the

scam compounds in Southeast Asia.

Americans out of their life savings.

And since that time, we've made enormous strides in fighting a

previously unknown and unidentified network

of overseas criminals who are focused on us

and our money. This is not a distant

overseas crime story. It is an industrial

extraction of American savings run by

Chinese transnational criminal enterprises

and platforms. It is an extraction of American

savings run by these organized crime groups

using United States platforms, United States

banks, and United States victims as the

product. This is a generational wealth, uh,

transfer from Main Street, America, to Chinese

organized crime,

and it is done via a slave labor industry in the

compounds. So Americans are being industrially looted,

and the people doing the looting are creating factories to

facilitate their con. The factories are primarily

in Southeast Asia, and they are now moving across the globe

because they know we're coming for them, and they are staffed with

human-trafficked labor. These are not basement

scammers. These are factories. They are

compounds that have quotas, shifts.

Now, what have we done?

We've already restrained nearly a billion dollars for victims.

We have taken down more than five hundred scam sites.

We have charged managers and launderers, and we are working with our

private industry partners, and they are Google,

Meta, Tether, Coinbase. And we're not

only going after the Chinese organized criminal enterprises, but the

networks and the infrastructure that make

them. My office, uh, issued a warrant, a signed warrant, to seize

the Telegram channels where these vendors conduct their

business and hawk their illicit service to scammers.

We also worked with Tether to seize the

cryptocurrency, wallets where the scammers are sending

payments to Xinbi in order to hold those payments for the

vendors providing the scam infrastructure

services.

And yesterday, in coordination with the Department of

Treasury and with assistance

from Tether, we restrained in one day

approximately fifty-two million dollars in cryptocurrency

that was in wallets. We're keeping up with them, and in fact,

for the last

two weeks, my strike force has deployed a team to

Madagascar to assist local law enforcement in

cracking down on thirteen Chinese-run scam centers in that country,

leading to the arrest of five hundred scammers.

We spent two weeks processing more than thirty-two hundred electronic

devices, you can see right there. Uh, opening

our own investigation into at least thirty Chinese leaders of

the scam compounds who were, interestingly,

quickly repatriated to China by the Chinese

government. They know exactly what we're doing,

and they're trying to

keep apace.

Now, Chinese interference is not gonna stop our investigation.

We're gonna follow the leads wherever they take us to the top of these organized

crime syndicates