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China Arrests Cybercriminal Group Suspected For Laundering $5.6 Billion

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Since growing crypto issues, high inflation, and events like the Terra collapse have rocked the world, law enforcement agencies, including China, have been actively working to protect users and apprehend criminals. China has defeated a new group in its recent crackdown on money launderers.

Cybercriminals and fraudsters from almost every part of the world have used cryptocurrencies in their process. Unfortunately, along with the growth of the crypto industry in recent years, cybercriminals have also stepped up their practices to commit fraud and then launder money abroad to cash it anonymously.

Related reading: Binance Freezes $1.5M in Money Laundering Ties, Indian Officials Say

According to the bureau’s official social media account report, the police force of Hengyang City in South China’s Hunan Province has arrested a group of 93 people as part of its 100 Day Action campaign across the country.

Criminals allegedly laundered 40 billion yuan ($5.6 billion) in cryptocurrencies. The authority seized 300 million yuan, cracked more than ten physical websites and seized nearly 100 devices in a crackdown on money laundering operators.

According to the information provided by the department that arrested the criminals, bad actors have been raising money laundering outside the country since 2018 by converting illegally collected funds into digital assets in order to launder money. The fraud group led by Hong Moumou obtained these funds through telecom and online fraud and may be involved in 300 fraud cases, according to police.

The police heated up the investigation against bad actors after Liu Xialong, of the County Public Security Bureau, was a victim of fraud and lost about 7.8 million yuan.

The flagship coin BTC is currently trading above $19,500. | Source: BTCUSD price chart from TradingView.com

Crypto adoption is growing in China despite restrictions

China has been an anti-cryptocurrency regime from the beginning, and the government does not even allow cryptocurrency mining in the state. Most likely, the People’s Bank of China (PBoC) banned the digital asset in September 2021, and authorities turned hawkish on violators. But the adoption of crypto in the country continues to grow inversely.

According to a recent report by blockchain research firm, Chainalysis, China is among the top 10 countries that are rapidly adopting digital currencies despite restrictions.

Related Read: Don’t Fight The Fed: FOMC Meeting Will Be Volatile For Bitcoin Ever

In March, China’s Yangpu Security Bureau and Shanghai Public Security launched a joint investigation to combat pyramid schemes that raise funds in virtual currency. Immediately following the investigation, authorities busted a pyramid scheme platform that ripped off nearly $16 million from victim users. Authorities revealed at the time that it was the first case in Shanghai’s history involving a cryptocurrency pyramid scheme, adding;

The general public should raise awareness of risk prevention and consciously oppose pyramid schemes. The Economic Investigation Department of Shanghai Public Security will also continue to fight economic crimes that endanger the legal rights and interests of citizens and effectively protect the legal rights and interests of consumers.

Featured image from Pixabay and chart from TradingView.com

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