100 Individuals Arrested In China In Connection With $130 Million Crypto Money Laundering Case

The newest update to China’s cryptocurrency ban saw the Zunyi City Public Security Bureau arrest almost 100 individuals for allegedly operating one of the biggest virtual currency money laundering rings, involving 800 million yuan, or $130 million in laundered funds.

Additionally, the authorities discovered that the money laundering ring established accounts and conducted the fraud using exchange giants like Huobi, Okex, and Binance.

The Zunyi City Public Security Bureau established the anti-fraud task force, codenamed “7.22,” in cooperation with the Ministry of Public Security. Along with the 100 suspects in the $130 million money-laundering scheme, the task force revealed 332 instances of telecoms fraud throughout the nation. The authorities concluded that the concealing price was 9.56 million yuan, in addition to the value of the assets involved, which was found to be more than 3 million yuan. Additionally, the police confiscated 51 mobile phones, 15 laptops, and 511 bank cards, as well as money laundering transactions totaling 800 million yuan.

“Transaction accounts, organize the use of over 500 bank cards, employ a novel money laundering method of purchasing and selling virtual currencies, collect criminally stolen money from telecom fraud, commit criminal acts such as concealing criminal proceeds, criminal proceeds, and so on, and have long passed the gang’s regulations.” Multiple card changes and transfers, small-amount transfers, and other techniques have eluded public security and bank control investigations.” Colin Wu, a Chinese journalist, described the money laundering gang’s complex activities.

Chinese officials maintain a database of IP addresses.

China’s autocratic government has taken extraordinary measures to establish an outright prohibition on cryptocurrency activity in the country. According to Coingape’s latest reporting, the Chinese government is now monitoring IP addresses in order to identify illegal crypto mining operations inside the nation. Colin Wu presented an exclusive and startling document, a Shanghai Telecom sheet that showed the IP address of the address along with the kind of bitcoin it was mining.

Also Read: Bank Of Spain Dismisses El Salvador’s Bitcoin Experiment