Chinese Authorities Seize Over 130 million Yuan From Crypto Money Launderers
Chinese authorities seize over 130 million yuan from a group involved in cryptocurrency money laundering.
Authorities in the Chinese government have seized 130 million yuan, the country’s native currency, from cryptocurrency traders. This was discovered when a Chinese bank discovered a large amount deposited into its firm.
Another Large Recorded Seizure In China
Another record of money seizures has been added to the growing list of seizures, this time on the Chinese coast. A local bank conducting general business noticed a large sum of money being deposited into its firm.
This large deposit prompted suspicion, and the information was reported to the Chinese authorities in the bank’s city, the Mongolian city of China.
Following the investigation into this report, 63 people were arrested who were suspected of being involved in crypto money laundering, which resulted in this large deposit.
The authorities estimated that the total amount of cryptocurrency laundered was $1.7 billion. The Tether stablecoin USDT was used to launder this massive sum.
The Chinese authorities issued a statement explaining how this arrest occurred, referring to a local bank that noticed a large amount of 10 million yuan deposited to their firm and alerted the authorities to it.
Following this information, Chinese authorities launched an investigation into the alleged money laundering, which had yet to be confirmed, and discovered another 130 million yuan, which is estimated to be around $18 million.
Investigation Into These Launderers
According to authorities, the investigation revealed that the individuals involved in the laundering also recruited more people and established an organization on the Telegram platform.
However, due to the strict rules China imposed on cryptocurrency, it is assumed that the majority of their transactions and crypto activities occurred outside of China.
At the end of the day, these crooks would pay their recruited workers their cut by switching from USDT to Yuan currency.
This crypto “organization” was founded in May 2021, during the time China implemented stringent crypto regulations and even added a prison sentence for those caught dealing with cryptocurrencies.
The justification for these regulations in China was to reduce the harmful effect crypto mining and activities were having on the climate and environment. This process gave rise to the idea of launching a digital yuan.
Most countries have now migrated to the digital coast with hopes of developing a native digital currency for their country.
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