China

China Arrests 93 for Laundering Billions in Crypto – Pandaily

 

Chinese authorities in Hunan and other provinces have arrested 93 people suspected to be part of a criminal group that used cryptocurrency to launder 40 billion yuan ($5.6 billion), Pandaily reported on Tuesday, which noted that crypto trading was banned by Beijing in September 2021.

The group had been buying crypto using illicit funds since 2018 and selling it in US dollars for a profit, according to the report, which said the “dirty money” originated from telecom scams or gambling. Police have now frozen $42 million in connection with the case, it added.

Read the full report: Pandaily.

 

 

SEE MORE:

Crypto’s Hodlnaut Cuts 80% of Staff as Police Investigate

Ether Eyes Bitcoin’s Crypto Crown as ‘Merge’ Upgrade Looms

Interpol Seeks Arrest of Crypto Developer Do Kwon – TechCrunch

 

 

Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.

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