Chinese Police Arrests 100 People Over Crypto Money Laundering Case


As a result of the continuing China crypto ban, a handful of individuals were arrested by police authorities. They are believed of being involved in the laundering of money.

At present, Chinese authorities are fully engaged in the fight against crypto-related actions to snare and destroy them. They’re also trying to track the IP address of participants in these crypto mining platforms to understand how diligently it is that the Chinese authorities are fighting crypto-related operations.

The Chinese journalist Colin Wu, shared a recent report on money laundering and arrests by China police

It was the Zunyi City Public Security Bureau, China, that arrested around 100 individuals. These 100 individuals were believed to be involved in the laundering of money.

These were the people who ran the money laundering racket for virtual currencies. These people used OKEx, Binance & Huobi like exchanges to smuggle funds.

Based on the statements of the police they were found to be holding 800 million Yuan ($130 million) money on the day of their operations at the time of the writing of this article.

In the arrest and investigation actions, Police confiscated the mobile phone of 51,15 computers and 511 bank cards, as well as 800 million Yuan.

“Transaction accounts, organize the use of more than 500 bank cards, use a new money laundering method of buying low and selling virtual currencies, collect criminal stolen money from telecom fraud, carry out criminal acts such as concealing criminal proceeds, criminal proceeds, etc”

The Crypto Operations vs China Ban

At present, it is reported that the Chinese government has ordered all cryptocurrency companies and investors to cease their operations and activities. Although many crypto-related services claim that they won’t stop their operations in a hurry and will cease activities in order to serve Chinese users in stages. For instance, the Huobi exchange said that they would shut down their operations on December 31.

Most people are using these tiny intervals of time in a way that is unfair.

A recent investigation by Chinese authorities showed the fact that an astounding 21% of the IP addresses in a specific mining pool came from Chinese government schools as well as government agencies. This indicates that people do not adhere to the China crypto ban guidelines completely.

Read Also : El Salvador’s system of sovereign bonds is afflicted by Bitcoin laws

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