Zunyi Chinese Town Police Thwart $ 124 Million Money Laundering Scam

Police in the southwestern region of China dismantled a group that used cryptocurrencies to launder stolen money, which involved 800 million yuan ($ 124 million), according to local media.

  • Authorities in Zunyi, a city in China’s Guizhou Province, were on the case for two months, following a directive from the State Council, the Chinese minister’s office, according to a report by a local news site.
  • Police arrested 100 suspects and solved 332 telecommunications fraud cases nationwide, according to the report.
  • Major Chinese regulators banned all crypto-related transactions on September 24.
  • The accused claimed to recruit staff for a company.
  • They opened trading accounts on the Binance, Huobi, and OKEx crypto exchanges using the information collected, “peddled” crypto by buying low and selling high, and laundered funds stolen through telecom frauds and other criminal acts, according to the article.
  • The gang was able to hide their actions for a while by using up to 500 bank cards and making only small transactions.
  • As of today, China’s ubiquitous messaging app WeChat appears to block searches on “Binance” and “Huobi,” joining a previous round of censorship on Twitter-like search engine Baidu and Weibo. .
  • Zunyi is a city of 6 million inhabitants and is known for its important role in the history of the Chinese Communist Party; It was during a meeting in Zunyi that Mao Zedong rose to the top of the party.

Read more: Binance to remove Chinese yuan trading from C2C ​​platform



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