Police in China arrested 63 people accused of laundering as much as 12 billion Chinese yuan ($1.7 billion) via cryptocurrency, amid Beijing’s intense crackdown on the trading of digital coins, according to CNBC.
Starting from May 2021, the criminal gang allegedly used the proceeds from illicit sources including pyramid schemes, fraud and gambling and converted it into the cryptocurrency tether, a stablecoin that is pegged one-to-one with the U.S. dollar, the Public Security Bureau of Inner Mongolia’s Tongliao city in northern China, said in a statement over the weekend.
The gang are said to have used various different cryptocurrency trading accounts to convert the money back into Chinese yuan.
They used the messaging service Telegram, which is blocked in China, to recruit various people around the country who would open crypto accounts to help launder the funds, the police said. Those people would receive a commission according to how much money they laundered, the police added.
The authorities said more than 130 million Chinese yuan worth of proceeds was confiscated from the gang.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
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