Chinese Police Arrests 100 People Over Crypto Money Laundering Case

Chinese Police Arrests 100 People Over Crypto Money Laundering Case
crypto scam

Amid ongoing China crypto ban, few people got arrested by the police authorities. These people are suspected to be involved in money laundering activities. 

In the present time, Chinese authorities are fully active against the crypto related activities to catch and bust them. They are even trying their best by tracking the IP addresses of the users in the crypto mining pools, so we can understand how hard the Chinese authorities are running their campaign against the crypto related operations. 

Related: China will Add Crypto Mining To Negative List Of Industries To Invest

The Chinese journalist Colin Wu, shared a latest report of money laundering case and arrest operation of China police 

The Zunyi City Public Security Bureau, China, arrested around 100 people. All these 100 people were allegedly involved in the money laundering activities.

These people were running virtual currencies money laundering racket. And these people were using OKEx, Binance & Huobi like exchanges to launder the money. 

According to the statements of the police authorities, these people were found to have 800 million Yuan ($130 million) fund on the spot of operations, at the time of writing this article.

In the investigation and arrest action, Police seized 51 mobile phones, 15 computers, and 511 bank cards & 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”

Crypto operations vs China Ban 

In the present time, the Chinese government ordered all crypto Investors and firms to stop their activities & operations. While many crypto services claimed that they will not stop their operations suddenly and they will shut down their operations for Chinese users in steps. For example Huobi exchange claimed that they will close their operations by 31 December. 

So most of the people are trying to use these small intervals of time in unfair ways. 

Even the recent investigation of Chinese authorities revealed that 21% of IP addresses at a particular mining pool were from Chinese public schools and agencies. This shows how people are not trying to follow the crypto ban guidelines perfectly.

Read also: Binance announced $1 billion fund for Binance Smart Chain expansion