China Police Solved A Massive Cryptocurrency Laundering Over $1.7 Billion

The Horqin branch of the Public Security Department of Tongliao City, Inner Mongolia Autonomous Region took 3 months to crack down on a huge cryptocurrency laundering case and arrested 63 suspects in this gang who laundered up to 12 billion yuan equivalent to more than $1.7 billion. The main criminal suspect who fled to Bangkok, Thailand will be persuaded to return.

On December 10, a China News reporter learned from the Horqin Branch of the Tongliao Public Security Bureau in Inner Mongolia Autonomous Region that it took the bureau 3 months to crack down on a money laundering gang using blockchain network for the exchange of digital virtual currency.

63 suspects were arrested, the amount of money laundered by this gang amounted to 12 billion yuan equivalent to more than $1.7 billion, the total amount of illegal proceeds was about 130 million yuan equivalent to about $18,6 million.

Currently, 63 offenders have been subjected to criminal coercive measures in accordance with the law, the case is being further investigated and clarified.

After investigation, this gang is a gang that uses cryptocurrency transactions to help domestic and foreign criminal groups launder money.

Starting in May 2021, the gang used overseas chat software to mass-develop personnel offline, converting funds suspected to be from online pyramid schemes, fraud, gambling and other crimes into virtual digital currency.

At the same time, this gang has established dens in many parts of the country. After “taking orders”, the money laundering task will be assigned to different money laundering teams, and the captains will recruit low-level personnel to carry out the money laundering activities.

Then register anonymous blockchain through many recruited illegal personnel. Account address is converted into RMB and paid to the elite criminal group to illegally profit from it.

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