Cybercriminal group suspected of laundering $5.6 billion arrested in China

  • Cybercriminals have also stepped up their practices to commit fraud
  • Criminals allegedly laundered 40 billion yuan
  • Police arrested a group of 93 people

Ever since developing crypto issues, booming expansion, and events like the Land outage stunned the world, law enforcement agencies, including China, have worked effectively to protect customers and catch thugs. During a recent crackdown on money launderers, China uncovered a new group.

Cryptocurrencies have been used by fraudsters and cybercriminals from almost all parts of the world. Unfortunately, in addition to the expansion of the cryptocurrency industry over the past few years, cybercriminals have also increased their methods of fraud and money laundering overseas in order to cash it in anonymously. .

The group of crooks was led by Hong Moumou

A report from a social media account of the official office said that as part of its national 100-day action campaign, police in Hengyang, a city in southern China’s Hunan Province, arrested a group of 93 people.

Through cryptocurrencies, criminals would launder $5.6 billion (40 billion yuan). In its anti-money laundering campaign, the authority seized 300 million yuan, shut down more than ten physical websites and seized nearly 100 devices.

According to information provided by the department that made the arrests, criminals have been using digital assets to launder money outside the country since 2018 to earn profits.

According to the police, the group of crooks led by Hong Moumou may be involved in 300 fraud cases.

They obtained these funds by engaging in telecommunications and online fraud.

After Liu Xialong from the county Public Security Bureau was defrauded and lost about 7.8 million yuan, the police intensified their investigation of the criminals.

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Crypto adoption is growing in China

From the beginning, the Chinese government has been anti-crypto, even banning cryptocurrency mining in the country. In September 2021, the People’s Bank of China (PBoC) is expected to impose a ban on digital assets as authorities become increasingly vigilant against them. who break the law.

However, the country’s adoption of cryptocurrencies continues to decline. Chainalysis, a blockchain research firm, recently released a report stating that China is one of the top ten countries to rapidly adopt digital currencies despite restrictions.

In March, China’s Yangpu Security Bureau and Shanghai Public Security launched a joint investigation to crack down on virtual currency-based pyramid schemes. Authorities discovered a platform that ran pyramid schemes and robbed users of nearly $16 million within minutes of investigations.

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