China Discovers Major Crypto Laundering Scam, Police On Arrest Spree

2022-9-29 19:20

The Chinese government has never supported crypto activities since the emergence of the industry. The People’s Bank of China took further actions against the digital industry and banned all local digital assets operations.

Since the crypto ban in China, the government never stopped ringing a reminder that no digital activity can thrive in the country.

But residents of China are still very interested in digital assets despite the government’s negative stance. Research from Chainalysis reported that China is among the global top 10 highest crypto adoption. Moreover, from recent reports, some crypto operations still happen underground without the government’s knowledge.

Chinese Authorities Freeze $42 Million

A local Chinese media recently reported the arrest of 93 individuals involved in crypto-related money laundering.

According to the report, law enforcement agents in Hengyang city discovered a criminal group that laundered 40 billion yuan using digital assets. The illegal fund is approximately $5.6 billion if converted to the US dollar.

The police raided ten sites, arrested 93 suspects, and seized over 100 electronic devices. In addition, the authorities froze about $42 million in an illegal operation called the Hundred-day Action.

In the report, gangs of the Hundred-day Action allegedly bought cryptocurrency with illegal funds and converted them to USD for profits. The Chinese police claimed the source of the funds is telecom scams and gambling.

In the last months, Chinese authorities have hunted and terminated many similar operations and arrested many individuals.

Chinese Public Security Investigates Crypto Pyramid Schemes

In June 2021, the police arrested about 1,100 persons who allegedly used cryptocurrency to launder funds from telecom fraud. Additionally, 170 criminal groups connected to the scheme got terminated.

The Ministry of Public Security said it was the fifth round of investigation targeted at crypto-related money laundering activities.

The Yangpu and Shanghai Public Security Bureau investigated some pyramid Schemes allegedly operating with digital assets in March 2022. After the investigations, they terminated an online scheme that duped $16 million from investors.

The police said the operation was the first digital asset pyramid scheme it cracked in the history of Shanghai. The authorities advised the public to raise risk prevention awareness and fight against pyramid schemes.

Also, the Shanghai Public Economic Investigation Department said it would continue to track down economic crimes that put the citizens’ rights and interests at risk.

On its part, the Chinese government continued to rain bullets on the digital coins industry. The government blocked the Weibo accounts of many digital asset influencers and banned Bitcoin mining activities in the country.

Cryptocurrency market rises on the chart | Source: Crypto Total Market Cap on TradingView.com

These governments’ actions against digital assets caused banks to freeze cards linked to transactions. In addition, Chinese government action in 2020 reportedly affected 74% of Bitcoin miners in the country.

Featured image from Pexels, Charts from TradingView.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Digital Rupees (DRS) на Currencies.ru

$ 6.38E-5 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $6.38E-5 - H: $6.38E-5
Капитализация $32.611k Rank 99999
Доступно / Всего 510.803m DRS

digital crypto industry china took people further

digital crypto → Результатов: 126


Фото:

Cion Digital and CarNow team up to let consumers buy cars with crypto

Cion Digital and CarNow, a leading digital retailer in the automotive industry, have announced a partnership to help crypto holders purchase vehicles using their holdings. Cion Digital’s integration with CarNow will allow car dealers the option to accept and benefit from fast and compliant crypto payments for their cars, the companies said in a press […] The post Cion Digital and CarNow team up to let consumers buy cars with crypto appeared first on Invezz.

2022-3-11 22:42


Фото:

Greater Clarity Needed to Turn the Bearish Market into a Bullish One

In June, Todd Colvin, an analyst at Ambrosino Brothers, mentioned to CNBC’s “Futures Now” that it’s very difficult to be optimistic about the cryptocurrency market in the short term. Uncertainty regarding security and regulations, alongside a lack of accessibility to digital currencies, has resulted in the current bearish crypto market, in Colvin’s opinion.

2018-7-14 12:00


Creator OF Javascript Records Over 3 Million Users On His Crypto Sponsored browser Brave

Brendan Eich is not a new name the the world of digital technology. The brain box behind JavaScript and co-founder of Mozilla has once again recorded an impressive customer feedback as Brave, the latest cryptocurrency sponsored browser created by the tech genius has reached a huge milestone as it garners over three million active users […] The post Creator OF Javascript Records Over 3 Million Users On His Crypto Sponsored browser Brave appeared first on ZyCrypto.

2018-7-14 01:09


Canadian Coinsquare Launch A Centralized Cryptocurrency Exchange In Japan.

Canadian Coinsquare, a trading system extremely prominent with cryptocurrency fanatics throughout the North American nation, seems completely familiar with exactly what safety measures a digital properties company needs to take while operating in Japan due to a current crack-down by its monetary controlling body on the heels of the headline-making Coincheck burglary.

2018-7-13 16:45


Cryptocurrencies and Blockchain to Be Covered in London School of Economics’ New Crypto Course

For most people, cryptocurrency is a little-understood subject, which is understandable since digital coins were only thrust into the global limelight after 2017’s bull run. Thankfully, The London School of Economics and Political Science (LSE) aims to address this lack of proper information on cryptos and blockchain by offering an online program that’s even CPD […] Cryptocurrencies and Blockchain to Be Covered in London School of Economics’ New Crypto Course was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-7-13 16:39


Protocol Secures Backing From Pantera, Dcg, 25 Others ‘Wikipedia of Structured Data’

Decentralized structured data startup Dirt Protocol has secured investments from major crypto venture players to build a blockchain platform for reliable data, the company announced July 11. Contributors to the funding round included well-known crypto industry names such as Pantera Capital and Barry Silbert’s Digital Currency Group, along with Coinbase co-founder Fred Ehrsam. A total

2018-7-13 00:39


Фото:

Robinhood New Crypto Offerings, Adds Bitcoin Cash & Litecoin

To bring you the best content on our sites and applications, Meredith partners with third party advertisers to serve digital ads, including personalized digital ads. Those advertisers use tracking technologies to collect information about your activity on our sites and applications and across the Internet and your other apps and devices. To avoid personalized advertising

2018-7-13 00:33


Фото:

Dr. Doom: Bitcoin Will Be Worth $100 in Ten Years Time

Even with the recent bitcoin price slump, crypto doomsday predictors such as Nouriel Roubini and his colleagues are determined to make sure the entire digital currency markets never moon again. In the latest development, more renowned economists have argued that governments’ harsh regulatory policies on cryptos would make bitcoin and other cryptocurrencies worthless soon.

2018-7-13 21:00


Wall Street Crypto Trader Extols Bitcoins As The Best Bet For Cryptocurrency Investors

Bart Smith is seemingly impressed with the upscale performance of bitcoin amongst other crypto assets. The head of digital assets at Susquehanna International group a crypto trading corporation during an interview on Tuesday with CNBC had very kind words to spare the leading digital asset, as he described the coin as an established digital asset […] The post Wall Street Crypto Trader Extols Bitcoins As The Best Bet For Cryptocurrency Investors appeared first on ZyCrypto.

2018-7-13 18:14


Task Force From Trump Administration Set to Crack Down on Crypto Crime

The U.S. government has created a task force to handle various cases of consumer fraud, including digital currency fraud, cyber-fraud, and money laundering. Enforcement will involve cooperation between an extensive number of government departments and agencies: The President’s order directs the Task Force to invite participation from our law enforcement partners at many departments and […]

2018-7-13 17:07


BTC the Best Choice for Investors States Wall Street Pro

Crypto investors these days are all faced with the tough choice of which token to buy in an industry that is churning out a fresh batch of newly minted digital coins each month. However, according to one professional trader, the best bet of them all remains Bitcoin, which is currently the world’s biggest cryptocurrency by […] BTC the Best Choice for Investors States Wall Street Pro was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-7-13 16:19


Фото:

How Digital Signatures and Hashing Protect Your Transactions

Digital Signatures and Hashing Digital signatures and cryptographic hash functions comprise the secret sauce that makes cryptocurrency work.  They put the crypto into currency, so to speak. Your digital signature proves you have the private key that claims ownership of… The post How Digital Signatures and Hashing Protect Your Transactions appeared first on CoinCentral.

2018-7-12 14:47