Breaking: Chinese Zunyi Police Arrests 100 People in $130 Million Crypto Money Laundering Case

By Palak Malhotra
Published October 13, 2021 Updated October 13, 2021
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Breaking: Chinese Zunyi Police Arrests 100 People in $130 Million Crypto Money Laundering Case

By Palak Malhotra
Published October 13, 2021 Updated October 13, 2021

The latest update in the Chinese Crypto Ban saw the Zunyi City Public Security Bureau arrest nearly 100 suspects for running one of the largest virtual currency money-laundering rackets, amounting to 800 million yuan, i.e., $130 Million in laundered money. Furthermore, the police revealed that the money laundering gang used exchange giants like Huobi, Okex, and Binance to set up accounts and carry out the scam.

The Zunyi City Public Security Bureau in collaboration with the Ministry of Public Security created the anti-fraud task force, under the codename “7.22”. Along with the 100 suspects for the $130M money laundering fraud, the task force unveiled 332 telecommunications fraud cases that occurred across the country. According to the authorities, the concealment price amounted to 9.56 million yuan, along with the value of assets involved, which was determined to be over 3 million yuan. Furthermore, the authorities also seized 51 mobile phones, 15 computers, and 511 bank cards, including the transfer money laundering turnover of 800 million yuan.

“Transaction accounts, organize the use of more than 500 bank cards, use a new money laundering method of buying low and selling virtual currencies, collect criminal stolen money from telecom fraud, carry out criminal acts such as concealing criminal proceeds, criminal proceeds, etc., and have long passed the gang’s regulations Multiple card changes and transfers, small-amount transfers, and other methods have evaded investigations by public security organs and bank control.”, Chinese Journalist, Colin Wu stated the intensely layered crimes committed by the money laundering gang.

Chinese authorities are tracking IP addresses

China’s authoritarian government has been taking extreme steps to impose an absolute ban on cryptocurrency activities in the nation. Coingape’s recent coverage revealed that the Chinese government is now tracking IP addresses as well to filter out illicit crypto mining activities in the country. Colin Wu revealed an exclusive and shocking document, a Shanghai Telecom sheet that enlisted the IP address along with the type of cryptocurrency being mined by the address.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
304 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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