BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Crypto Bust: China Collars 93 For Laundering $5 Billion In Digital Currencies

Crypto Bust: China Collars 93 For Laundering $5 Billion In Digital Currencies
China has become a hotbed of illicit crypto trade lately. The country has earned quite a reputation in the international community when it comes to scams and illegal activities involving cryptocurrencies.
For the past months and years, there have been a number of notable illicit activities originating from the country or involving Chinese nationals that were exposed.
For example, in July 2021, more than 200 victims from at least 20 countries lost $70 million to fraudsters that posed as attractive Chinese women who convinced them to invest in crypto.
In January this year, a report was released by Chainalysis divulging Chinese crypto investors who lost $2.8 billion  from notorious rug pulls. There were eight individuals arrested involved in the fraud.
Last July, unidentified Chinese nationals were arrested after providing help to a fake loan app racket in India that also involved digital currencies.
But perhaps taking the cake in this conversation is the recent dismantling of the Chinese police of a four-year criminal gang activity that was responsible in laundering $5.6 billion.

The Large-Scale ‘9.15’ Money Laundering Gang
Led by a certain Hong Mou, the “9.15” gang is said to be responsible for more than 300 incidents of tele-trafficking involving various collection and payment sites throughout China.
The group, in operation since 2018, also facilitated the cashing of illicit funds from fraud, gambling and crypto into U.S. dollar to eliminate traces of illegality.
Using cryptocurrency, Mou’s group was able to launder 40 billion yuan which converts into more or less $5.6 billion, Chinese authorities say.
Following the operation of Chinese authorities, 93 suspects were arrested and more than 100 computers and mobile phones used by gang members were destroyed.
Funds amounting to 300 million yuan were also frozen in line with the case. The successful takedown of the gang also resulted in the recovery of 7.8 million yuan from economic losses of various victims.
Cryptocurrency: The Dark Side
While this can be considered as a win for authorities, it undoubtedly puts the asset class in a negative light once again.
Over the past years, countries like the U.S. and Europe have taken rigid measures to regulate the emergence of crypto as an alternative means of financing for their citizens.
One of their compelling arguments is that cryptocurrencies can be used for illicit activities and these kinds of assets are hard to trace, at least in some ways, making them an attractive tool for money laundering and other related crimes.
Meanwhile, a criminal case for the arrested suspects and Mou are already being processed by Chinese authorities.


BTCUSD pair reclaims the $19K level, trading at $19,434 on the daily chart | Source: TradingView.com

Featured image from The Verge, Chart: TradingView.com

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Crypto Bust: China Collars 93 For Laundering $5 Billion In Digital Currencies


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



Dokky PRO - Bookcase Shop Script