Chinese Zunyi Police Arrest 100 In $ 130 Million Crypto Money Laundering Case

China’s latest Crypto Ban update saw Zunyi City Public Security Bureau arrest nearly 100 suspects for running one of the world’s largest virtual currency money laundering rackets, rising to 800 million yuan, or $ 130 million in laundered money. Additionally, police revealed that the money laundering gang used exchange giants like Huobi, Okex, and Binance to open accounts and carry out the scam.

Zunyi City Public Security Bureau, together with the Ministry of Public Security, established the Anti-Fraud Working Group, codenamed “7.22”. In addition to the 100 suspects for the $ 130 million money laundering fraud, the task force uncovered 332 cases of telecommunications fraud that have occurred across the country. According to authorities, the cost of the cover-up was 9.56 million yuan, along with the value of the assets involved, which was estimated to be over 3 million yuan. In addition, the authorities also seized 51 cell phones, 15 computers and 511 bank cards, including the turnover of 800 million yuan of money laundering transfer.

“Transaction accounts, organize the use of over 500 bank cards, use a new method of money laundering to buy and sell virtual currencies at low prices, collect stolen criminal money from telecommunications fraud , commit criminal acts such as concealing the proceeds of crime, proceeds of crime, etc. ., and have long adopted gang bylaws. Multiple changes of cards and transfers, transfers of small amounts and other methods have escaped investigation by public security organs and banking supervision. “, Chinese journalist, Colin Wu declared the intensely layered crimes committed by the money laundering gang.

Chinese authorities track down IP addresses

China’s authoritarian government has taken extreme measures to impose an outright ban on cryptocurrency activity in the country. Recent coverage from Coingape revealed that the Chinese government is now also tracking down IP addresses to filter out illicit crypto-mining activity in the country. Colin Wu revealed an exclusive and shocking document, a sheet from Shanghai Telecom that listed the IP address as well as the type of cryptocurrency mined by the address.


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