- Police in China stated 63 people today accused of laundering as substantially as 12 billion Chinese yuan ($1.7 billion) using cryptocurrency have been arrested.
- A gang is accused the stablecoin tether to launder proceeds from pyramid schemes and other prison actions.
- Police managing the investigation ruined more than 10 funds-laundering dens.
Police in China said they have arrested 63 individuals struggling with prison costs of utilizing cryptocurrency to launder as a lot as 12 billion Chinese yuan ($1.7 billion).
A gang in May 2021 started out converting proceeds from pyramid schemes, fraud, gambling and other illicit actions into tether, a so-named stablecoin pegged to the US dollar, in accordance to a weekend assertion from the Tongliao Public Security Bureau that serves eastern Inner Mongolia.
At least 130 million Chinese yuan really worth of proceeds ended up confiscated pursuing an investigation that associated more than 200 law enforcement officers. The investigation was jumpstarted in July soon after a neighborhood bank account held by 1 of the accused suspects was employed for monthly deposits of more than 10 million yuan in money.
The gang was accused of employing messaging company Telegram – which is blocked in China – to use people to set up nameless blockchain accounts and then paid commissions. Law enforcement working the investigation at the Horqin department wrecked far more than 10 cash-laundering dens.
The arrests took place immediately after China past calendar year purchased a ban on cryptocurrency mining and buying and selling.
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- Police in China stated 63 people today accused of laundering as substantially as 12 billion Chinese yuan ($1.7 billion) using cryptocurrency have been arrested.
- A gang is accused the stablecoin tether to launder proceeds from pyramid schemes and other prison actions.
- Police managing the investigation ruined more than 10 funds-laundering dens.
Police in China said they have arrested 63 individuals struggling with prison costs of utilizing cryptocurrency to launder as a lot as 12 billion Chinese yuan ($1.7 billion).
A gang in May 2021 started out converting proceeds from pyramid schemes, fraud, gambling and other illicit actions into tether, a so-named stablecoin pegged to the US dollar, in accordance to a weekend assertion from the Tongliao Public Security Bureau that serves eastern Inner Mongolia.
At least 130 million Chinese yuan really worth of proceeds ended up confiscated pursuing an investigation that associated more than 200 law enforcement officers. The investigation was jumpstarted in July soon after a neighborhood bank account held by 1 of the accused suspects was employed for monthly deposits of more than 10 million yuan in money.
The gang was accused of employing messaging company Telegram – which is blocked in China – to use people to set up nameless blockchain accounts and then paid commissions. Law enforcement working the investigation at the Horqin department wrecked far more than 10 cash-laundering dens.
The arrests took place immediately after China past calendar year purchased a ban on cryptocurrency mining and buying and selling.
