China’s $125M Crypto Scandal Exposes Alarming Money Laundering Operations
The Xunyi City (遵义) Police Department in Guizhou Province, China has broken up a huge crypto-money laundering gang that has earned 800 million yuan (NDT), which is nearly $ 125 million.
The city of Zunyi is located in southwest China
Crypto criminals have lent the hands of major exchanges to launder money
According to information from AZCoin News, the Tuan Nghia City Police Department has successfully disbanded the city’s largest criminal gang to ever do crypto laundering. This raid revealed the money transfer and laundering ring of up to 800 yuan, equivalent to $ 124,177,320.
Since July 2021, the Tuan Nghia City Anti-Fraud Police Team has continuously strengthened its mission to break up criminal organizations related to cryptocurrencies. Coordinate with the relevant departments at the same time to conduct in-depth research and assess the information provided by Task Force 7.22.
After nearly two months of active work, the City Police have achieved remarkable results in identifying and disbanding a large gang of money laundering criminals. A total of almost 100 suspects were arrested, 332 nationwide cases of telecommunications fraud uncovered. The proceeds from the incident were set at 9.56 million yuan, the property value was more than 3 million yuan, 51 cell phones, 15 computers and 511 bank cards were confiscated.
Currently, the police first discovered that the criminal gang was recruiting people by posting job postings to start a business. After that, they mainly work on platforms like Huobi, Binance and OKEx. Criminals exploit the security and privacy of trading platforms, repeatedly changing information and transferring small amounts, combined with other methods to avoid many investigations by the authorities, police and bank control.