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US Treasury Sanctions 'Shinbi Guarantee' Over $36 Billion Money Laundering Scheme
Technology Services · Internet Software/Services · yonhap_finance · 2026-09-10
The US Treasury has sanctioned the 'Shinbi Guarantee' platform, a hub for money laundering and cyber fraud that processed over $36 billion in illicit funds.
What Happened
Sanction Overview: The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has officially sanctioned 'Shinbi Guarantee,' a transnational criminal organization and cyber fraud platform. The entity has been identified as a major hub for facilitating money laundering and providing services for online scams via Telegram.
Transaction Volume: According to a report by blockchain analytics firm TRM Labs, the platform has processed over $36 billion in both cryptocurrency and fiat currency since 2022. The firm noted a significant surge in daily inflows during the latter half of last year, indicating rapid growth in illicit activity.
Successor to Hui One: Shinbi Guarantee emerged as the primary alternative for criminal syndicates following the collapse of the 'Hui One Group,' which was previously sanctioned by the U.S. and U.K. It effectively absorbed the transaction volume of its predecessor, becoming the go-to cash-out point for Southeast Asian fraud rings.
Involved Parties: The platform's services were reportedly utilized by various sanctioned entities, including North Korean hacking groups and the Cambodian Prince Group. U.S. authorities have moved to impose these sanctions to disrupt the financial infrastructure supporting these criminal operations.