Chinese ban cryptocurrencies
Picture Credits: China Briefing

Cybercriminal group arrested for suspected laundering of $5.6 billion

China has been anti-crypto for quite some time now. And that is not great for the industry. However, recently China arrested a cybercriminal group suspected of money laundering of $.56 billion. This shows that the authorities are working proactively to protect users and put criminals behind bars. This is important because the awareness regarding crypto is still not very high. And many still fall prey to scams by fraudsters on the internet.

Cybercriminal group arrested for suspected laundering

Reports from the police force of Hengyang, a city in the southern Chinese province of Hunan, say that the authorities have arrested 93 suspects in their recent action campaign. The criminals allegedly laundered 40 billion Yuan which equates to 5.6 billion dollars. They have also seized 300 million yuan, busted many websites, and confiscated many devices.

Cybercriminal group arrested for suspected laundering of $5.6 billion
Picture Credits: China Briefing

The authorities also said that the arrested criminals have been laundering their money since 2018 to cash out profits they gain from illegal activities. The group of scammers is led by Hong Moumou, who was involved in over 300 fraud cases as well. It shows that the China authorities have busted a big scam cartel in their campaign. Things got heated up after an officer of the County Public Security Bureau, Liu Xialong, became a fraud victim and lost 7.8 million yuan in a scam.

China is becoming crypto-centric again

Even though cryptocurrencies are banned in the country, a Chinese court recently ruled a case in favor of crypto trading in the country. This was explained by saying that no law in China says Litecoin is an illicit asset, and the lawsuit was ruled in favor of the plaintiff. Crypto adoption in China is also on the rise despite authorities having turned hawkish on violators.

At the same time, Chinese authorities are busting scam operations in the country. Recently, China’s Yangpu Security Bureau and Shanghai Public Security launched a probe that busted a platform that looted $16 million from its users. This is cleaning up the industry, and crypto is becoming a safer place for Chinese investors.

What are your thoughts as the Cybercriminal group gets arrested in China for suspected laundering of $5.6 billion? And do you think that this will make the industry safer for Chinese investors? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.

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