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