Chinese law enforcement authorities say they have uncovered a large underground money laundering network involving virtual assets. The creators and operators of the exchanger have already been arrested.
In November 2022, the police in Qingdao, Shandong Province, came to the attention of the bank accounts of individuals with unusual behavior and abnormally high turnover that did not correspond to the social status of the account owners. Frequent incoming and outgoing transactions were observed with a daily turnover exceeding 30 million yuan (more than $4 million).
Employees of the Qingdao Public Security Bureau have identified a relationship between suspicious accounts and cryptocurrency transactions on a foreign platform for trading virtual assets. In total, transactions worth 158 billion yuan (about $25 billion) passed through suspicious accounts.
After receiving strong evidence, Qingdao police took action to arrest the account holders. Some of these people turned out to be droppers. The police confiscated cash and virtual assets. It is reported that the operational activities affected 17 provinces across the country.
In November 2022, the police in Qingdao, Shandong Province, came to the attention of the bank accounts of individuals with unusual behavior and abnormally high turnover that did not correspond to the social status of the account owners. Frequent incoming and outgoing transactions were observed with a daily turnover exceeding 30 million yuan (more than $4 million).
Employees of the Qingdao Public Security Bureau have identified a relationship between suspicious accounts and cryptocurrency transactions on a foreign platform for trading virtual assets. In total, transactions worth 158 billion yuan (about $25 billion) passed through suspicious accounts.
After receiving strong evidence, Qingdao police took action to arrest the account holders. Some of these people turned out to be droppers. The police confiscated cash and virtual assets. It is reported that the operational activities affected 17 provinces across the country.
