Over $45 million in funds frozen in chain-based enforcement action against New Coin Guarantee

ME News report, September 9 (UTC+8): According to official tracking by security firm Bitrace, Tether, the issuer of USDT, has frozen 50 blockchain addresses in a single action, including 22 business addresses belonging to Xinchibao, a leading illegal crypto trading escrow platform in Southeast Asia, with a total value exceeding $45 million. Bitrace’s investigation revealed that the primary targets of this freeze were Xinchibao’s recent business addresses (deposit, intermediate, and withdrawal addresses), the hot wallet addresses associated with Xpay—Xinchibao’s illegal payment tool—and select third-party addresses with close financial ties to Xinchibao. At least 22 business addresses linked to the Xinchibao group, totaling over $45 million, have been targeted on-chain. This on-chain enforcement action differs fundamentally from previous freezes targeting single addresses linked to North Korean hackers associated with Huiwang Pay: this time, multiple related business addresses have also been included. Targeting Xinchibao directly, authorities first froze its recent business addresses holding operational funds, then its payment tool’s withdrawal hot wallets, and finally selected partner merchant addresses. Bitrace also stated that as of September 9, 2026, on-chain enforcement by unidentified authorities continues. Addresses temporarily activated by Xinchibao after the initial freeze on the 8th were themselves frozen later that same night—within less than 12 hours—indicating ongoing on-chain enforcement. (Source: ODAILY)