Suspects arrested in China for laundering $5 billion through cryptocurrencies

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Chinese police said 93 people were arrested as part of Operation One Hundred Day Action for using cryptocurrencies to launder money. The amount of laundered funds amounted to $5.6 billion.

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During the operation, the police visited more than 10 houses and apartments where the suspects were located. More than 100 electronic devices were confiscated, as well as bank accounts that held more than $30 million were frozen.

According to Chinese journalist Colin Wu, the gang was called “9.15” and was run by Chinese citizen Hong Mou. Law enforcement agencies have been investigating the activities of the group since 2018.

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The criminals used various payment platforms, converted illegal gambling winnings into cryptocurrencies, and then exchanged digital assets for US dollars.

Earlier it was reported that the UK government plans to expand the powers of the authorities to combat cryptocurrency crimes, simplifying the procedure for the seizure and freezing of assets used.

Source: Bits

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