Tether froze approximately 39.3 million USDT, involving addresses associated with Xinbi Guarantee

Tether froze approximately $39.3 million USDT across 10 addresses on the Tron network earlier today, which are related to Xinbi Guarantee. Insiders revealed that Xinbi Guarantee is a guaranteed trading market that emerged around 2022 on Telegram.

Blockchain analytics firm TRM Labs has described it as one of the largest illegal cryptocurrency markets in Southeast Asia, stating that the platform has processed a cumulative transaction volume of about $24.2 billion. The on-chain tracking platform MistTrack was the first to disclose the news regarding the frozen USDT. This freeze indicates that Tether is further taking on-chain asset freezing measures to restrict addresses deemed to be associated with high risk or suspected illegal activities.