China Busts a Crypto-Related Money Laundering Network of 1,100 People

The Chinese government keeps enforcing its cryptocurrency crackdown campaign as it has arrested over a thousand people who allegedly got engaged in money laundering through cryptos. According to a report from The Times of India, the detained people used profits from different crimes to acquire virtual currencies.

Specifically, the country’s Ministry of Public Security unveiled that it busted a criminal ring of 1,100 people involved in money laundering, who charged clients a fee ranging between 1.5% - 5% to exchange illicit proceeds into cryptos via digital asset exchanges. However, authorities did not disclose the exact amount of money laundered on the scheme or the exchanges used for such transactions.

Also, the Ministry said that most of the illegal profits laundered via Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term came from telephone and internet-related scams, according to a statement released on the Ministry of Public Security’s WeCht account. The crackdown comes in the midst of a stricter stance that China has strengthened this year against crypto-related activities such as mining and trading.

Chinese Crypto Crackdown Keeps Alive

The authorities first banned crypto trading in 2017. However, the latest headlines suggest a broader campaign to taking down all Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining operations and enhancing the existing rulings on cryptocurrencies in the Asian giant. In fact, China’s crypto mining industry is one of the biggest ones in the world.

Still, the Chinese government has been on the hunt for mining farms, as on Wednesday, the northwestern province of Qinghai banned crypto-related mining. There are no major details on the significance that such a province means for the industry as of press time. Similarly, in April, the northern region of Inner Mongolia shut down all its crypto mining operations, arguing it did not comply with the energy consumption targets’ standards.

Moreover, the crypto crackdown in China has extended to domestic social media, as several cryptocurrency-related accounts were reportedly blocked on Weibo over the weekend.