China makes the largest arrest of cryptocurrency fraudsters

Chinese law enforcement agencies have arrested 63 people accused of money laundering. Using cryptocurrencies, the gang managed to launder about $ 1.7 billion. The criminals came to the attention of the authorities this summer when the Public Security Department noticed strange transactions for large sums and passed the information to the police.

After gathering evidence, a team of 230 police officers conducted search operations in 17 provinces, autonomous regions, and cities. As a result, they were able to find and arrest 63 suspects, from whom more than $ 18.5 million was seized.

The gang organized its illegal activities in May last year. Its members helped Chinese and foreign criminals launder money received from the organization of illegal online casinos, pyramid schemes and other fraudulent schemes. The funds were withdrawn using cryptocurrency. Many hired workers (drops) were involved in the operations across the country, who received rewards for successful transactions.

The organizers of the illegal business were arrested and are in custody.