Crypto World
Japan’s 3% bond yield challenges U.S. Treasuries
BlackRock warned on Sept. 8 that rising Japanese government bond yields could weaken demand for U.S. Treasuries by giving Japanese investors more attractive returns at home.
Summary
- Japan’s 10-year government bond yield briefly exceeded 3%, its highest level since 1996, BlackRock reported.
- Yen-hedged 10-year Treasuries yield about 2% for Japanese investors, versus roughly 3% on domestic bonds.
- Japan holds roughly $1.1 trillion in U.S. Treasuries, making potential capital repatriation globally relevant today.
- BlackRock estimates a hypothetical 5% portfolio shift would redirect approximately $55 billion toward Japanese assets.
- Markets fully price a Bank of Japan rate increase this month, according to BlackRock’s commentary.
Japan’s 10-year government bond yield briefly exceeded 3% for the first time since 1996, while its 30-year yield reached a record 4.18%.
The shift matters because Japan holds roughly $1.1 trillion of U.S. Treasury securities. Decades of low and negative domestic interest rates encouraged Japanese banks, insurers and pension funds to invest abroad. Higher Japanese yields are beginning to alter that calculation.
Japan bond yields now compete with U.S. debt
A Japanese investor can earn approximately 3% from a 10-year Japanese government bond, according to BlackRock’s commentary. A comparable U.S. Treasury produces about 2% after the investor hedges the dollar exposure back into yen using rolling three-month currency forwards.
The comparison does not mean Japanese investors will immediately sell their foreign holdings. Hedging costs change with currency and interest-rate conditions, while institutions also consider liquidity, portfolio duration and regulatory requirements. However, the return advantage that pushed capital overseas has narrowed.
Fitch Ratings reached a similar view on Sept. 9. The rating agency said higher yields could encourage Japanese institutions to retain more capital domestically. Fitch did not forecast a broad liquidation of existing bond portfolios.
BlackRock used a hypothetical 5% shift in Japan’s Treasury holdings to illustrate the scale. Such a move would redirect about $55 billion, equal to roughly 7% of the U.S. Treasury’s expected net borrowing during the quarter. The calculation is a scenario, not a forecast of actual selling.
Bank of Japan tightening raises repatriation risk
Japanese yields have risen as inflation, wages and yen weakness increase pressure on the Bank of Japan to tighten policy. The central bank raised its policy rate to 1% in June and left it unchanged in July.
BOJ board member Kazuyuki Masu said on Sept. 10 that the bank may need to increase rates more rapidly if inflation accelerates. A Reuters poll found economists expected a rise to 1.25% during September, followed by further tightening through 2027. Those forecasts remain subject to the BOJ’s decision.
The yen previously weakened to about ¥160 per dollar before recovering. The U.S. and Japan also conducted a coordinated yen-buying intervention, the first joint operation of its kind since 1998. A stronger yen can reduce the value of unhedged overseas assets for Japanese investors and make domestic holdings more attractive.
A weaker yen creates a different risk. Japanese authorities could sell foreign assets to finance intervention, potentially adding pressure to U.S. Treasuries. BlackRock described this as a possible feedback loop rather than a confirmed capital flow.
Higher global yields add pressure to Bitcoin
The global bond sell-off continued into Sept. 10. The 10-year JGB yield stood near 2.91%, below its recent 3% peak, while the U.S. 10-year Treasury yield reached approximately 4.84%. The 30-year U.S. yield traded near 5.29%.
Higher government bond yields can weigh on Bitcoin and other non-yielding assets by increasing the returns available from lower-risk securities. They can also raise corporate borrowing costs and reduce liquidity available for speculative markets.
As crypto.news reported, Bitcoin faced a possible decline toward $70,000 after retreating from $82,283 and struggling to hold the $78,000–$79,000 area. That weakness coincided with rising Treasury yields, stronger oil prices and renewed inflation concerns.
Bitcoin’s reaction does not establish that Japanese yields caused its decline. Crypto prices respond to several factors, including ETF flows, leverage, dollar liquidity and investor positioning. Japan’s rate reset adds another source of competition for global capital.
Inflation and central-bank decisions come next
U.S. consumer inflation data scheduled for Sept. 11 will shape expectations before the Federal Reserve’s Sept. 15–16 policy meeting. A stronger inflation reading could support higher U.S. yields and reinforce competition between bonds and risk assets.
Investors will then focus on the Bank of Japan’s September decision. A faster tightening cycle could push JGB yields higher and strengthen the yen, increasing incentives for Japanese institutions to hold more domestic assets.
The main indicator will be actual portfolio data rather than modelled scenarios. U.S. Treasury disclosures, Japanese institutional reports and currency-hedging costs will show whether investors are repatriating capital or merely adjusting new purchases.
BlackRock remains underweight Japanese government bonds because it expects yields to face further upward pressure. Its central argument is conditional: rising domestic returns could reduce Japanese demand for U.S. debt, but the scale and timing of any shift remain uncertain.
Dogecoin led the losses, BNB fell about 4% and XRP 3%, with oil pushing Treasury yields to their highest since late 2023.
US authorities have moved to dismantle parts of Xinbi Guarantee’s ecosystem—seizing crypto assets linked to the alleged scam marketplace and coordinating criminal and sanctions action aimed at the communications and payment infrastructure behind large-scale fraud.
On Wednesday, the US Department of Justice (DOJ) said its Scam Center Strike Force seized two wallets used by Xinbi to collect vendor payments totaling about $12 million, with additional court-authorized restraints sought for 47 more wallets believed to be tied to money laundering across Xinbi’s network. Separately, the US Treasury’s Office of Foreign Assets Control (OFAC) designated Xinbi as a significant transnational criminal organization and sanctioned technology providers SafeW Technology (Singapore) and Anwen Technology (Cambodia) over alleged support to the network.
Key takeaways
- The DOJ action targeted both payment infrastructure (seized and restrained wallets) and the marketplace’s hosting channels, including Telegram infrastructure tied to vendors.
- OFAC sanctions block Xinbi’s US-linked property and generally prohibit US persons from transacting with the designated entities.
- Treasury says Xinbi shifted parts of its operations—particularly merchant and laundering workflows—toward SafeW’s encrypted messaging application after enforcement pressure increased.
- Law enforcement is framing the case as an attempt to disrupt the broader “service layer” enabling industrial-scale scam operations, not just individual scammers.
- TRM Labs policy head Ari Redbord argues Xinbi functioned as a large-scale “escrow and cash-out layer” in Southeast Asia’s scam markets following the fallout of earlier platforms.
Wallet seizures and expanded restraints in DOJ operation
The DOJ said that, based on a court order, its Scam Center Strike Force seized two wallets connected to Xinbi that were used to receive vendor payments. The agency also reported that it requested restraints against 47 additional wallets believed to be part of the platform’s money-laundering channels.
According to the unsealed warrant cited by the DOJ, the US District Court for the District of Columbia authorized the seizure of Telegram channels used to host and advertise the marketplace’s services on Sept. 7. The warrant describes vendors using those channels to promote money laundering services, custom scam-investment websites, and recruitment offerings tied to “scam compounds” in Southeast Asia.
This approach signals a shift in enforcement emphasis: rather than focusing solely on endpoint actors, prosecutors are targeting the operational plumbing—where scams recruit, where services are sold, and where funds move—helping make fraudulent networks more scalable.
Sanctions on Xinbi and technology providers
In a coordinated move, the US Treasury Department announced OFAC designations for Xinbi as a significant transnational criminal organization. Treasury also sanctioned SafeW Technology and Anwen Technology, alleging they provided technological and financial support to Xinbi.
Treasury’s statement ties specific roles to the alleged ecosystem. It said Xinbi began moving its merchant and money-laundering networks to SafeW’s encrypted messaging application around June 2025 as scrutiny intensified. Treasury also alleged that Anwen developed XinbiPay, also referred to as NewPay—a crypto wallet and payment application used by the marketplace.
The practical effect of OFAC sanctions is straightforward: they are intended to prevent Xinbi and the designated supporting entities from accessing US property and to restrict dealings by US persons. For compliance-focused businesses—exchanges, payment processors, service providers, and other crypto-facing firms—the designations increase the compliance burden by adding more counterparties and infrastructure to screening and risk controls.
Treasury further said Xinbi processed over $24 billion in crypto and fiat since around 2022, primarily through Southeast Asia, and that its platform has been used by North Korean hackers and entities associated with the sanctioned Prince Group. Treasury linked Xinbi’s activity to broader geopolitical threat dynamics, underscoring that the scam-marketplace model intersects with sanctioned actors rather than operating in isolation.
Why investigators are emphasizing escrow, communications, and “service layers”
US officials credited Tether with assisting in the investigation, suggesting that the inquiry involved tracing stablecoin-related flows or related compliance data as part of building the case.
The enforcement strategy also reflects a growing understanding of how industrial-scale scams operate. Large fraud networks often depend on a parallel “marketplace” that sells components: payment acceptance/escrow-like functions, tooling for converting funds into usable balances, hosting or distribution channels for recruitment and services, and templates for scam websites. By targeting wallets and Telegram hosting channels, authorities are aiming to choke both the money movement and the promotional layer that drives onboarding.
TRM Labs Global Head of Policy Ari Redbord, speaking to Cointelegraph, argued that Xinbi rose to fill a gap after Huione went down. He said Xinbi became the “go-to escrow and cash-out layer” for Southeast Asia’s scam compounds, describing it as operating “at industrial scale” and moving “more than USD 36 billion.”
That perspective matters for readers trying to interpret the enforcement: it suggests the problem is not simply a single marketplace operator, but a “layer” of services that can migrate and adapt when prior platforms are disrupted.
Sanctions momentum and what to watch next
The latest US designations come after earlier UK sanctions against Xinbi. Cointelegraph previously reported that the UK government imposed sanctions on March 26, freezing UK assets connected to Xinbi and barring the platform from the country’s financial, trade, and travel networks.
With both the DOJ and Treasury taking action now, market participants should expect more follow-on scrutiny across crypto rails commonly used by scam networks—especially wallet infrastructure and communication channels that facilitate vendor operations and fund routing. For compliance teams, the new designations on Xinbi and the technology providers named by OFAC will likely require immediate updates to screening processes and vendor risk assessments.
Readers should watch for additional court filings tied to the restrained wallets and for further public steps that connect Telegram channel seizures to downstream service providers. Equally important is whether new “escrow/cash-out” and encrypted messaging routes emerge to replace capabilities authorities targeted in this case.
US authorities have restrained more than $52 million in cryptocurrency tied to Xinbi Guarantee and its vendor network while seizing wallets and Telegram channels used by the Chinese-language marketplace.
Summary
- US authorities restrained more than $52 million in crypto linked to Xinbi Guarantee and its vendor network.
- The DOJ seized two wallets holding roughly $12 million and sought restraints against another 47 wallets tied to suspected money laundering.
- US authorities seized Telegram channels where Xinbi vendors advertised money laundering, scam websites and recruitment services for Southeast Asian scam compounds.
- OFAC sanctioned Xinbi, SafeW Technology and Anwen Technology over their alleged roles in supporting the marketplace.
The US Department of Justice said on Sept. 9 that its Scam Center Strike Force seized two crypto wallets containing approximately $12 million and sought restraints against another 47 wallets believed to be connected to money laundering through Xinbi and vendors serving scam operators.
The two seized wallets were used by Xinbi to collect payments for vendors operating through its marketplace. Combined with the other restraints, the operation placed more than $52 million in crypto beyond the reach of Xinbi and its vendor network, according to the DOJ.
Tether assisted investigators with the operation, the department said. The stablecoin issuer had separately frozen $39.3 million in USDT across 10 Tron addresses linked to Xinbi earlier this week, crypto.news previously reported.
US seizes Xinbi wallets and Telegram channels
Court action against Xinbi extended beyond its cryptocurrency infrastructure.
On Sept. 7, the US District Court for the District of Columbia authorized the seizure of Telegram channels hosting the marketplace. A subsequently unsealed warrant described Xinbi as a Chinese-language marketplace where vendors advertised services to operators of scam centers.
According to the DOJ, the services included laundering money stolen through wire fraud, building custom websites for fraudulent investment schemes and recruiting workers for scam compounds in Southeast Asia.
Xinbi served as an intermediary in transactions between vendors and their customers. The marketplace held funds intended for vendors until the purchased services had been delivered, providing an escrow system for transactions arranged through the platform.
Investigators said funds belonging to US victims were traced to specific vendors that advertised money laundering services and posted cryptocurrency addresses for payments in Xinbi’s Telegram channels.
The enforcement action came after Xinbi continued operating despite previous attempts to remove its communications infrastructure. Telegram removed thousands of channels connected to Xinbi and Huione Guarantee in May 2025, but TRM Labs found that both networks began resurfacing under new channels and names soon afterward.
Xinbi subsequently moved parts of its operation away from Telegram as scrutiny of guarantee marketplaces increased.
Treasury sanctions Xinbi Guarantee and two technology providers
Alongside the DOJ operation, the US Treasury Department’s Office of Foreign Assets Control designated Xinbi as a significant transnational criminal organization.
OFAC described the marketplace as a service connecting transnational criminal groups and scam center operators with merchants providing technology, financial services and other products used in cybercrime.
Treasury data put the value of digital asset and fiat transactions processed through Xinbi and its associated platforms at more than $24 billion since the marketplace emerged around 2022. Much of the activity took place in Southeast Asia.
Earlier estimates had put Xinbi’s transaction volume lower as blockchain investigators identified more addresses tied to the operation. TRM Labs estimated in February that Xinbi had processed approximately $17.9 billion since mid-2025 as activity continued despite enforcement against Telegram-based marketplaces.
OFAC said Xinbi’s platform has been used by North Korean hackers and several previously sanctioned entities, including companies linked to Cambodia’s Prince Group.
US prosecutors have accused Prince Group and its chairman, Chen Zhi, of operating a network involving crypto investment fraud, money laundering and forced-labor scam compounds. Authorities previously sought forfeiture of more than 127,000 Bitcoin connected to Chen and his associates in a case that involved one of the largest Bitcoin seizure actions pursued by US authorities.
Prince Group has denied allegations against the company.
SafeW and Anwen sanctioned over Xinbi services
OFAC sanctioned two technology companies accused of providing services that supported Xinbi’s operations.
Singapore-based SafeW Technology developed SafeW, an encrypted messaging application that Xinbi began using for its merchant and money laundering networks around June 2025, according to the Treasury.
The move came as law enforcement attention on Xinbi increased. Users were encouraged to use SafeW to coordinate transactions between buyers and sellers, reducing the marketplace’s reliance on Telegram.
Cambodia-based Anwen Technology developed XinbiPay, which was also known as NewPay. Treasury described the product as a cryptocurrency payment and digital wallet application used by Xinbi.
TRM Labs had previously documented Xinbi’s move toward SafeW and XinbiPay as the marketplace rebuilt its infrastructure following disruptions to Telegram channels. On-chain data reviewed by the blockchain intelligence company showed a brief drop in Xinbi activity in December 2025 before transaction flows rebounded in early 2026.
OFAC designated SafeW Technology and Anwen for materially assisting or providing financial, technological or other support to Xinbi.
The sanctions require property and interests belonging to the three designated entities that are in the United States or controlled by US persons to be blocked and reported to OFAC. Entities owned 50% or more by blocked persons are subject to the same restrictions.
Transactions involving their property are generally prohibited for US persons unless exempt or authorized by OFAC.
Xinbi expanded after pressure on rival marketplaces
Xinbi’s development into a major guarantee marketplace accelerated as authorities and technology companies targeted other networks used by Southeast Asian scam operations.
Blockchain investigators have described guarantee marketplaces as escrow-based platforms where merchants advertise services ranging from money laundering and payment processing to stolen information and infrastructure used by online scammers.
Huione Guarantee, later known as Haowang Guarantee, had become one of the largest networks operating under the model before Telegram shut down its marketplace in May 2025.
Treasury said cybercriminals moved parts of their activity toward Xinbi after US authorities targeted Huione Pay. Xinbi continued offering similar services to an overlapping customer base.
The UK had already targeted Xinbi on March 26, when the government sanctioned the marketplace over its alleged role in scam and money laundering operations. The restrictions froze assets connected to Xinbi in the UK and cut designated parties off from the country’s financial system.
The latest DOJ operation formed part of the Scam Center Strike Force’s campaign against networks supporting overseas scam compounds. The unit was launched in November 2025 to investigate cryptocurrency investment fraud, cyber-enabled fraud, human trafficking and money laundering tied to scam centers.
According to the DOJ, the Strike Force has now restrained approximately $938 million linked to scam money laundering operations.
Its work has expanded outside Southeast Asia. A Strike Force team recently spent two weeks in Madagascar assisting local authorities with the takedown of 13 scam centers allegedly operated by Chinese organized crime groups.
Investigators helped process more than 3,200 electronic devices recovered during the operation and interviewed people among nearly 400 arrests. The DOJ said approximately 30 of those arrested were Chinese leaders of the scam compounds who were later repatriated to China by the Chinese government.
Consensys has announced it will separate into two independent companies, MetaMask for consumer self-custodial finance and Consensys for Ethereum (ETH) protocols and institutional infrastructure, with the split expected to close by the end of 2026.
The reorganization ends a single-company structure that has held for over a decade. MetaMask takes the self-custodial wallet, which the company says has passed 100 million downloads across roughly 190 countries and facilitated trillions of dollars in cumulative transaction volume.
MetaMask Turns to Consumer Finance
The new Consensys keeps the Protocols Group, including the Linea Layer-2 network, the Besu execution client, and Teku, along with its tokenization and stablecoin work for banks and asset managers.
Joe Lubin, who co-founded Consensys, will step in full-time as Chairman and Chief Executive Officer of MetaMask while serving as Executive Chairman of Consensys. Mike Kriak will run Consensys as Chief Executive Officer, with David Cunningham as President.
“MetaMask grew out of that work into the world’s most widely used self-custodial wallet, and today it’s becoming something larger: a platform where people don’t just hold their assets, but manage their money in its many diverse forms and aspects. Stepping into this role full-time is a recognition that consumer finance deserves the same focus and ambition that we’ve brought to building Ethereum itself,” Lubin noted.
The independent company will stay Ethereum-first while building out Money Account, a self-custodial account that combines automated earning, instant spending and one-click trading in a single balance.
The push follows MetaMask’s launch of its own dollar stablecoin, mUSD, issued through Stripe-owned Bridge, part of a move into everyday payments that includes a Mastercard-linked card. Lubin has also confirmed MetaMask will issue its own token, with a DAO planned to fund the wallet’s growth.
Consensys Keeps the Institutional Stack
Consensys will focus on the infrastructure banks and market operators use to move tokenized assets on-chain. Its Besu client already underpins permissioned EVM networks in traditional finance, and the firm set up the Swiss-based Linea Association to decentralize the Linea zkEVM network, which launched the LINEA token for governance.
“Financial institutions and market infrastructure are moving to always-on operations with tokenization at the core,” said David Cunningham, President of Consensys. “Consensys Software Inc. has built the open-source technology that is the foundation of this transition.”
Citi’s June 2026 “Tokenization 2030” report, cited in the announcement, estimated that tokenized assets could reach $5.5 trillion to $8.2 trillion by 2030. Lubin said the two companies “will keep building the same ecosystem, just with the focus each market now demands.”
The post Consensys and MetaMask to Separate Into Two Independent Companies by End of 2026 appeared first on CryptoPotato.
Coinbase CEO tells CNBC the crypto industry gets regulatory clarity whether or not the Senate passes the bill on Sept. 15.
Barclays raised its year-end S&P 500 target to 7,950 from 7,800 on Wednesday, leaving roughly 4% upside from the index’s latest close.
The bank pointed to durable demand for artificial intelligence (AI) and repeated beat-and-raise results from Big Tech, which kept earnings momentum intact.
The Earnings Math Behind the New S&P 500 Target
Venu Krishna, head of US equity strategy at Barclays, lifted the firm’s 2026 earnings estimate to $365 per share from $337. The 2027 forecast moved to $414 from $389, while the 2027 index target stayed at 8,800.
Big Tech earnings grew 35% from a year earlier in the second quarter, up from 30% in the prior period. Earnings across the rest of the technology sector jumped 88%.
Corporate earnings have also continued to beat Wall Street expectations. LSEG data showed that 86% of the 492 S&P 500 companies that reported exceeded analyst estimates. That figure stands well above the long-term average of 67.5%.
“Tech continues to deliver standout beat-to-miss ratios, with healthcare and energy also showing strength, while Real Estate and Utilities lagged,” the note read.
Krishna expects hyperscaler capital spending to pass $1.1 trillion in 2027, a 67% increase from the prior year.
“Growth is expected to moderate in 2028, though spending is still projected to rise by approximately 30%. Google and Amazon are expected to be the largest contributors, with Meta close behind,” the analyst added.
Other major banks have also raised their year-end forecasts for the benchmark index. JPMorgan raised its year-end target to 8,000 on Monday. Furthermore, research firm CFRA now expects the index to reach 8,050.
HSBC lifted its S&P 500 target to 8,100 from 7,650 on Tuesday. The bank cited strong earnings and continued AI infrastructure spending.
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Everything Outside AI Starts to Catch Up
That concentration cuts both ways. AI stocks accounted for about 45% of the S&P 500’s market capitalization and drove nearly all of the rally.
The gap shows up in the tape. The S&P 500 closed at 7,636.36 on September 9, up 11.55% for the year.
The US 500 Excluding Artificial Intelligence Enablers Price Return Index (SPXXAI) sits at 3,197.09, a 4.48% year-to-date gain. BeInCrypto previously reported that the gauge had slipped below its February launch level while the headline index climbed.
Stocks outside the AI trade have therefore turned positive. However, they still trail the broader benchmark by roughly seven percentage points.
Barclays stayed conservative on valuations, citing doubts over how durable AI spending will prove, sticky inflation, geopolitical uncertainty, and a more hawkish rate path. Strategists have flagged 2027 as the year the bet will be tested.
Whether 7,950 arrives has less to do with the broad market than with whether the hyperscalers keep writing the checks.
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The post Barclays Sees 4% Upside for the S&P 500 on Tech Earnings Strength appeared first on BeInCrypto.
United States authorities restrained more than $52 million in crypto linked to Xinbi Guarantee and its vendor network as part of a coordinated operation against the scam marketplace.
On Wednesday, the US Justice Department said its Scam Center Strike Force seized two wallets used by Xinbi to collect vendor payments containing about $12 million. Law enforcement also sought restraints against 47 additional wallets believed to be connected to money laundering across Xinbi’s network.
The DOJ said the US District Court for the District of Columbia authorized the seizure of Telegram channels hosting the marketplace on Sept. 7. According to the unsealed warrant, vendors used the channels to advertise money laundering, custom scam-investment websites and recruitment services for scam compounds in Southeast Asia.
The operation targets the financial and communications infrastructure supporting industrial-scale scam centers, expanding enforcement beyond individual operators to the marketplaces and service providers that allow the networks to function. The DOJ credited stablecoin issuer Tether with assisting in the investigation.
Treasury sanctions Xinbi and technology providers
In a coordinated action on Wednesday, the US Treasury Department said its Office of Foreign Assets Control (OFAC) designated Xinbi as a significant transnational criminal organization. OFAC also sanctioned Singapore-based SafeW Technology and Cambodia-based Anwen Technology for allegedly providing technological and financial support to Xinbi.
According to the Treasury, Xinbi began moving its merchant and money-laundering networks to SafeW’s encrypted messaging application around June 2025 as law-enforcement scrutiny intensified. Anwen allegedly developed XinbiPay, also known as NewPay, a crypto wallet and payment application used by the marketplace.
Related: US, UK launch joint alliance targeting crypto scam centers
The Treasury said Xinbi has processed over $24 billion in crypto and fiat since around 2022, primarily through Southeast Asia. The department said its platform has been used by North Korean hackers and entities connected to the sanctioned Prince Group.
The sanctions block Xinbi’s US property and interests and generally prohibit US persons from transacting with the designated entities.
The latest US action follows UK sanctions imposed against Xinbi. On March 26, the UK government imposed sanctions on Xinbi aimed at cutting the platform off from crypto access. Under the sanctions, UK assets connected to Xinbi will be frozen, and the platform will be barred from the country’s financial, trade and travel networks.
Magazine: Tether sued over $42M in frozen coins, 6,600 students get crypto loans: Asia Express
President Donald Trump promised a $5,000 payout to every American adult if Republicans keep Congress this November. The pledge came hours after a new poll put his approval rating at a record low.
The pledge came at the Republican Party’s first-ever midterm convention in Dallas. It landed the same day Brent crude oil topped $102 a barrel as fresh US strikes hit Iranian tankers.
A Populist Pledge Against Slipping Support
Trump told the crowd a Republican sweep would fund the payout through the country’s economic success. He called it a dividend, comparing it to a company paying out to shareholders. He gave no details on funding or timing.
The promise lands as Trump’s numbers keep sliding. A Financial Times/Focaldata poll this week put his approval at 32%. That is down three points from August, the lowest reading since the pollsters began tracking in May.
Separate polls from Reuters/Ipsos and the University of Massachusetts Amherst show his general approval underwater by roughly 30 points. The same Financial Times/Focaldata poll found only 22% approve of his handling of the economy, against 71% who disapprove.
Prediction markets have already priced in the shift. Polymarket bettors now give Democrats better-than-even odds of sweeping Congress in November.
Why Crypto Traders Are Watching
The pledge echoes Trump’s earlier tariff dividend proposal from last November. Analysts then said direct cash, rather than tax credits, could push fresh capital into Bitcoin (BTC) and other risk assets.
That reading matters for crypto traders too. Falling approval raises the odds of a Democratic Congress. That could reshape the CLARITY Act, a bill splitting crypto oversight between the SEC and CFTC.
The oil spike, tied to the US-Iran war that began in February, adds another variable. It complicates the Federal Reserve’s rate decision on September 15 and 16, a meeting already framed as a test of whether war-driven energy costs outweigh a cooling labor market for Bitcoin’s rate-sensitive trade.
Bitcoin’s spot price traded near $77,900 at press time, up roughly 0.7% over 24 hours. The speech itself left prices largely unmoved.
Washington now has a fiscal promise with no funding source and a war pushing energy costs higher. Traders are left deciding whether that combination adds real inflationary pressure, or just campaign noise before November.
The post Trump Dangles $5,000 Payout to US Adults as Support Hits New Low Before Midterms appeared first on BeInCrypto.
US authorities have moved to disrupt Xinbi Guarantee, a crypto-enabled scam marketplace, by seizing funds tied to the platform and sanctioning the organization and its technology providers. The Department of Justice (DOJ) said more than $52 million in cryptocurrency associated with Xinbi and its vendor network was restrained as part of a coordinated operation against the illicit operation.
In parallel, the US Treasury’s Office of Foreign Assets Control (OFAC) designated Xinbi as a significant transnational criminal organization and sanctioned SafeW Technology and Anwen Technology, alleging they supplied the infrastructure used to run the scheme. The actions target both the financial rails and the communications tools that help scam centers scale.
Key takeaways
- The DOJ reported seizing two Xinbi-linked wallets used to collect vendor payments totaling about $12 million, plus seeking restraints on 47 additional wallets tied to money laundering.
- US court authorization also covered Telegram channels used by Xinbi vendors to market laundering services, scam-related websites, and recruitment offerings.
- OFAC sanctions block Xinbi’s access to US-based property and generally prohibit US persons from engaging with designated entities.
- Treasury alleged Xinbi shifted parts of its messaging and payments stack to technology provided by SafeW and Anwen starting around June 2025 as enforcement pressure increased.
- Xinbi has reportedly processed more than $24 billion in crypto and fiat since about 2022, largely routed through Southeast Asia.
DOJ seizes wallets and targets Xinbi’s vendor payments
According to the DOJ, its Scam Center Strike Force seized two cryptocurrency wallets associated with Xinbi that were used to collect payments from vendors. The wallets contained approximately $12 million.
Beyond the immediate seizures, prosecutors said a request for restraints extended to 47 additional wallets believed to be connected to money laundering across Xinbi’s broader network. The move reflects an approach aimed not only at identifying individual participants, but also at disrupting the payment flow that enables scam marketplaces to function.
The DOJ added that a US District Court in the District of Columbia authorized the seizure of Telegram channels hosting the marketplace on Sept. 7. Prosecutors say the unsealed warrant describes vendors using these channels to advertise money laundering services, custom scam-investment websites, and recruitment services for scam centers operating in Southeast Asia.
Importantly for market participants, the DOJ framed the operation as an attempt to dismantle the “financial and communications infrastructure” behind industrial-scale scam centers—an enforcement theme that has increasingly focused on platforms and intermediaries rather than only end operators.
Treasury sanctions Xinbi and alleged tech enablers
In the separate but coordinated Treasury action, OFAC designated Xinbi as a significant transnational criminal organization. The Treasury also sanctioned SafeW Technology and Anwen Technology, based on allegations that they provided technological and financial support to Xinbi.
Treasury stated that Xinbi moved portions of its merchant and money-laundering networks to SafeW’s encrypted messaging application around June 2025, describing the timing as occurring as law enforcement scrutiny intensified. Treasury also alleged Anwen developed XinbiPay—referred to as NewPay—a crypto wallet and payment application used by the marketplace.
For investors and compliance teams, these designations matter because they extend risk awareness beyond “scam tokens” or isolated wallet addresses. They highlight how enforcement can shift to the tools, services, and integrations that help illicit platforms operate at scale, including messaging layers and payment apps.
Reported crypto volume and links to other sanctioned groups
The Treasury said Xinbi has processed more than $24 billion in crypto and fiat since around 2022, with activity primarily involving Southeast Asia. The agency also stated that the platform has been used by North Korean hackers and entities connected to the sanctioned Prince Group.
OFAC explained that the sanctions block Xinbi’s US property and interests and generally prohibit US persons from transacting with designated entities. This can complicate any attempts to route funds through US touchpoints, even if the scam’s primary activity is overseas.
The DOJ also credited Tether with assisting in the investigation. While the details of that assistance were not expanded upon in the provided material, the attribution is notable given how stablecoin rails can be used in both legitimate and illicit activity contexts.
Escalating crackdown across the US and UK
This latest US action follows earlier steps by the United Kingdom. Cointelegraph previously reported that the UK imposed sanctions on Xinbi in a separate crackdown.
As described in the provided material, on March 26 the UK government sanctioned Xinbi with the goal of limiting the platform’s access to crypto. Under those sanctions, UK assets tied to Xinbi would be frozen, and the platform barred from the country’s financial, trade, and travel networks.
Taken together, the US and UK moves show how enforcement can tighten access across major jurisdictions. They also signal that regulators are increasingly willing to treat scam marketplaces as broader criminal enterprises with identifiable enabling infrastructure—communications channels, payment tools, and vendor services—rather than as isolated bad actors.
What to watch next
Law enforcement has now targeted both Xinbi’s wallets and the communications channels used to recruit vendors and promote laundering services. The next question for the industry is whether additional wallets tied to the remaining 47 restrained targets—and other infrastructure providers connected to SafeW, Anwen, or XinbiPay/NewPay—will be named or constrained as investigations mature.
Malone Lam pleaded guilty on Sept. 8 to participating in a racketeering conspiracy that U.S. prosecutors linked to more than $245 million in cryptocurrency thefts.
Summary
- Malone Lam pleaded guilty to one RICO conspiracy count involving $245 million in cryptocurrency thefts.
- Prosecutors said Lam organized an international network using social engineering and occasional residential break-ins worldwide.
- More than 4,100 Bitcoin were stolen from one Washington resident during the August 2024 attack.
- The criminal enterprise operated from October 2023 through at least May 2025, court documents show.
- Judge Colleen Kollar-Kotelly scheduled a December 8 status hearing without announcing Lam’s sentencing date yet.
The 22-year-old Singaporean national entered his plea before U.S. District Judge Colleen Kollar-Kotelly in Washington, D.C. He admitted one count of participating in a Racketeer Influenced and Corrupt Organizations conspiracy, according to the Justice Department’s official statement.
Prosecutors described Lam as the organizer of an international network that targeted cryptocurrency holders through impersonation, account takeovers and occasional home break-ins. The group allegedly stole funds worth more than $245 million.
The guilty plea establishes Lam’s criminal responsibility in the conspiracy. Allegations involving defendants who have not pleaded guilty or been convicted remain unproven.
Malone Lam admits organizing the crypto theft network
Court documents say the enterprise began no later than October 2023 and continued through at least May 2025. Participants met through online gaming platforms and operated across several U.S. states and foreign jurisdictions.
Prosecutors said Lam used the online names “Anne Hathaway,” “$$$” and “King Greavy.” He identified prospective victims, organized social-engineering operations and assigned roles to other participants.
The group allegedly included database hackers, target researchers, impersonators, money launderers and residential burglars. Hackers obtained information from compromised websites, servers and databases purchased through dark-web markets.
Callers then contacted wealthy cryptocurrency holders while pretending to help resolve security problems. Prosecutors said the callers persuaded victims to disclose information that allowed the group to drain their wallets.
When remote methods failed, some conspirators allegedly targeted physical homes containing hardware wallets. In related coverage, a member of the same crypto theft ring received 78 months in prison for conduct that included residential burglaries.
The case grew from a 4,100 Bitcoin theft
The investigation originally centered on the theft of more than 4,100 BTC from a Washington, D.C., resident on Aug. 18, 2024. The Bitcoin was worth more than $230 million at the time.
The original Justice Department release accused Lam and Jeandiel Serrano of obtaining access to the victim’s accounts and laundering the proceeds through exchanges, mixers, pass-through wallets and peel chains.
Blockchain investigator ZachXBT previously identified the victim as a Genesis creditor. According to his investigation, the callers impersonated Google support before posing as representatives of cryptocurrency exchange Gemini.
They allegedly convinced the victim to reset security protections and use screen-sharing software. That process exposed information needed to transfer the Bitcoin.
The Justice Department expanded the prosecution in May 2025 through a superseding indictment. It added 12 defendants and described a wider enterprise responsible for more than $263 million in alleged thefts.
The broader total included a separate theft of more than $14 million in July 2024. The latest guilty-plea announcement uses a figure of more than $245 million for Lam’s admitted conspiracy conduct.
Stolen cryptocurrency funded cars and nightclub bills
Prosecutors said members spent stolen funds on rental mansions, private jets, security guards, watches, designer clothing and at least 28 exotic vehicles.
The vehicles were valued between $100,000 and $3.8 million each. Nightclub spending allegedly reached $500,000 per evening, while expensive handbags were distributed during parties.
The group also used crypto-to-cash services and shell companies to disguise ownership of assets. Some participants allegedly shipped bulk cash through the mail inside stuffed toys.
Money laundering supported the enterprise by converting stolen cryptocurrency into cash or assets. Conspirators allegedly used virtual private networks and chains of intermediary wallets to make transactions harder to trace.
Lam was arrested on Sept. 18, 2024, according to the original indictment announcement. The Justice Department’s newest release lists Sept. 18, 2025, but that conflicts with the contemporaneous court record and appears to be a clerical error.
Prosecutors previously alleged that Lam continued directing associates while held in pretrial detention. Those allegations included requests for conspirators to purchase luxury handbags and deliver them to his girlfriend.
As previously reported, another participant received 70 months for laundering stolen cryptocurrency connected to the same wider enterprise.
December hearing comes before sentencing
Judge Kollar-Kotelly scheduled Lam’s next status hearing for Dec. 8, 2026. The Justice Department did not announce a sentencing date or expected prison term.
The court will determine Lam’s sentence using the applicable federal statute, advisory sentencing guidelines and other factors. His plea agreement may also address cooperation, restitution and forfeiture, but the Justice Department did not publish those details in its announcement.
Three agencies led the investigation: the U.S. Attorney’s Office for the District of Columbia, the FBI’s Washington Field Office and IRS Criminal Investigation.
Federal offices in California, Florida and New Jersey also provided support. Assistant U.S. Attorneys Christopher Howland and David Liss are prosecuting the case.
Lam’s plea does not end the wider prosecution. Charges against other defendants remain pending, while several participants have already pleaded guilty or received sentences.
The case also shows how attackers combine digital deception with physical threats. Crypto.news reported that home invasions accounted for 37% of documented physical crypto attacks through mid-2026.
Further court filings should establish Lam’s sentencing schedule, forfeiture obligations and any restitution owed to victims. No recovery total was disclosed with the guilty plea.
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