Billion-dollar Cryptocurrency Money Laundering Network is Dismantled by Chinese Authorities

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Last Updated on December 11, 2022 by Bitfinsider

According to a report, 63 persons have been detained by Inner Mongolian police in connection with an alleged conspiracy to launder 12 billion yuan ($1.7 billion).

Authorities reportedly found a large network that functioned internationally and “converted funds suspected of online pyramid schemes, fraud, gambling and other crimes into virtual digital currency” as a result of an inquiry into irregular money flows from construction firm Shi Mouyuan.

The probe covered 17 provinces and was overseen by Tongliao Public Security Bureau’s Horqin Branch. Zhang Mou, one of the suspects, has fled to Bangkok.

In 2021, China formally outlawed the use of cryptocurrency. Hong Kong introduced a new system of regulation for bitcoin exchanges earlier this week.


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