Police in China's Hunan province arrested 93 people for allegedly laundering as much as RMB 40 billion, through crypto. By egreechee
Authorities in China's Hunan province arrested 93 people for allegedly laundering up to RMB 40 billion using cryptocurrencies, as the country continues to crack down on crime that includes digital assets.
China has not only cracked down on the use of crypto for illegal activities, but also on the industry itself. The countrySince 2018, led by an individual surnamed Hong, the suspects had been laundering funds gained from fraud and gambling across the country, according to a Sundayon the official WeChat account of the Hengyang county police department, which made the arrest. They were using crypto to convert the funds to U.S. dollars, the post said.
Police seized more than 100 mobile phones and computers, RMB 300 million of funds and other losses for the victims, the post said.
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