US sanctions Chinese group over losses

The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury imposed sanctions on the Chinese organization "Shenpi Guarantee," which is described as a transnational criminal organization extensively involved in fraudulent and illicit activities. The organization uses an unlawful online platform to support scams, fraud, money laundering, and targets Americans. Infrastructure and digital asset wallets used by the organization have been seized in coordination with the Fraud Enforcement Task Forces of the Department of Justice. This move is part of American efforts to disrupt foreign criminal networks that steal billions of dollars from American victims annually. It also highlights the increasing reliance on interconnected networks—including online marketplaces, payment institutions, and virtual asset services—to carry out scams and transfer stolen funds.

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