63 Arrested by China Police for Laundering Money Using Crypto

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China News reported that police in Inner Mongolia discovered a crypto money laundering gang that allegedly laundered $1.75 billion dirty cash. 

There are currently 63 criminal suspects who have been subjected to criminal coercive measures in accordance with the law, and the matter is still being investigated. 

With this incident, serious doubts are raised regarding the efficacy of China’s CBDC because of the digital Yuan’s failure to curb financial crimes.

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Authorities apparently uncovered a broad, multinational network after looking into construction business Shi Mouyuan’s suspicious cash flows. 

There were a total of seventeen provinces involved in the inquiry, which was headed by the Horqin Branch of the Tongliao Public Security Bureau. A suspect named Zhang Mou has reportedly escaped to Bangkok.

Notably, the group started using “overseas chat software” to train illegal recruits in May 2021, “converted funds suspected of online pyramid schemes, fraud, gambling, and other crimes into virtual digital currency,” and finally established an anonymous blockchain using the credentials of a large number of illegal participants. 

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The RMB from the account address are transferred to the upstream criminal organization so that they can launder their money. 

The criminal organization is believed to have laundered as much as 12 billion yuan through operations involving virtual currencies.

Cryptocurrencies are widely exploited as a means of money laundering, which has led China to take a hard stance against them. 

Authorities in the southern Chinese province of Hunan identified 93 money-laundering suspects during a statewide operation codenamed “Hundred-day Action” in September.

China’s Crypto Crackdown Efforts

In November of last year, as reported by TheCoinRise, China revealed the first money laundering case involving its own digital yuan. 

After the first money laundering case involving China’s Central Bank Digital Currency (CBDC) was reported to the police, it called the legitimacy of CBDCs worldwide into doubt with the current matter making it worse.

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