Chinese authorities arrest a group accused of laundering over $5 billion in crypto
On September 23, 2022, the Hengyang County Public Security Bureau in China held a press conference to highlight the “100-day operation” of the summer public security crackdown.
Nine instances were made public; among them was the “9.15” massive money laundering gang, which is suspected of utilizing cryptocurrency to launder up to 40 billion yuan ($5.6 billion) and has been involved in more than 300 incidences of tele-trafficking, as reported by crypto writer Colin Wu, who quoted Weixin on September 26.
There were 93 individuals arrested, over ten money-laundering and concealing places destroyed, over one hundred mobile phones and laptops seized, 300 million yuan in monies seized and frozen, and 7.8 million yuan in economic damages recovered after an internet investigation disrupted the money-laundering criminal organization commanded by Hong Mou.
Since 2018, criminal gangs led by the suspect Hong have contacted several collecting and payment sites in China, converted illegal money, fraud, and gambling into cryptocurrency, and then cashed them out for whitewashing in US dollars.
Numerous Chinese firms have also chosen illicit remittances as a quick and safe technique of moving funds. Permit other shareholders to unlawfully use your funds.
Criminal coercive proceedings have been launched against 93 persons, including Hong Mou, in accordance with the law, and the matter is now being handled.
Finbold revealed that despite a severe crackdown and restriction on crypto-related services, China today ranks in the top 10 nations in terms of digital asset use.