US hit on $24 billion crypto black market sends rival money launderers running for exits

What happened

The US Department of Justice seized Telegram channels and two wallets, while OFAC sanctioned Xinbi and the developers behind SafeW and XinbiPay, as part of a $24 billion crypto black market crackdown.

Confirmed

Global impact / market context

This enforcement action may push money launderers away from certain crypto services, potentially reducing illegal trading volumes. Legitimate crypto businesses could face stricter checks, which might raise their compliance costs and affect how they handle transactions.

Analyst inference

The action targets infrastructure used for illicit finance, which could increase scrutiny on stablecoins like USDT and USDD. If exchanges tighten rules, trading activity might shift, and investors could see changes in how these assets are used for everyday payments.

Analyst inference

What to watch

1. Watch whether the DOJ or OFAC announce further seizures or sanctions against other wallets, channels, or developers linked to the $24 billion black market operation. Confirmed
2. Consider monitoring whether crypto exchanges update their rules for stablecoin transfers, as they may add extra checks to avoid being linked to illegal money movement. Proposed
3. Observe if trading volumes for USDT and USDD change, as launderers exiting could reduce demand, potentially affecting prices or usage in legitimate markets. Analyst inference

Affected assets

• USDT — Tether
• USDD — USDD

Evidence

• cryptoslate.com