China scores a mega crackdown on crypto money launderers
Crypto money launderers in China have once again ended up in the authorities' net.
Crypto money launderers in China have once again landed in the authorities' net. In total, the group is said to have laundered $5.6 billion.
100 seized devices, 93 arrested people, and ten buildings stormed are the result of China's "Hundred Days Action," a months-long probe by Chinese authorities against crypto money launderers in Hengyang.
The gang bought cryptocurrencies with money from illegal gambling and phone fraud, and later swapped them for U.S. dollars. In total, about 40 billion yuan, roughly $5.6 billion, were laundered this way in digital currency, local media reported.
Which assets were used exactly is not known. In general, there is a ban on trading and using cryptocurrencies in China. Recently, a crackdown on launders who used China's national CBDC for their operations caused a stir.
