Cybercriminal Group Suspected For Laundering $5.6 Billion arrested in China

Cybercriminals have also ramped up their practices to commit fraud
Criminals are alleged to launder 40 billion yuan
Police has arrested a group of 93 people

Since the developing crypto issues, high expansion, and happenings like the Land breakdown have stunned the world, policing, including China, have been working effectively to safeguard clients and catch hoodlums. During a recent crackdown on money launderers, China has uncovered a new group.

Cryptocurrencies have been used by fraudsters and cybercriminals from almost every part of the world. Unfortunately, in addition to the expansion of the cryptocurrency industry over the past few years, cybercriminals have also increased their methods of committing fraud and laundering money abroad in order to cash it anonymously.

The scammer group was led by Hong Moumou

A report from an official bureau social media account states that as part of its nationwide 100 Day Action campaign, the police in Hengyang, a city in the southern Chinese province of Hunan, have detained a group of 93 individuals.

Through cryptocurrencies, criminals are allegedly laundering 5.6 billion dollars (40 billion yuan).In its anti-money laundering campaign, the authority seized 300 million yuan, shut down more than ten physical websites, and seized nearly 100 devices.

According to the information provided by the department that made the arrests, criminals have been using digital assets to launder money outside of the country since 2018 in order to cash in on profits.

According to the police, the group of con artists led by Hong Moumou may be involved in 300 fraud cases.

They obtained these funds by engaging in telecommunications and online fraud.

After Liu Xialong, County Public Security Bureau became a victim of fraud and lost approximately 7.8 million yuan, the police intensified their investigation into criminals.

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Crypto Adoption Grows In China

Since the beginning, the Chinese government has been anti-crypto, prohibiting even cryptocurrency mining in the country.In September 2021, the People’s Bank of China (PBoC) is likely to impose a ban on digital assets, with authorities becoming increasingly vigilant toward those who break the law.

However, the country’s adoption of cryptocurrencies continues to decline. Chainalysis, a blockchain research company, recently published a report stating that China is one of the top ten nations rapidly adopting digital currencies despite restrictions.

In March, the Yangpu Security Bureau of China and Shanghai Public Security launched a joint investigation to combat virtual currency-based pyramid schemes.The authorities uncovered a platform that ran pyramid schemes and robbed users of nearly $16 million within minutes of the investigations.