Finance

China Arrests Six in $300M Cryptocurrency Fraud Crackdown

May 13, 2024 1 min read

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In a significant crackdown on cryptocurrency fraud, Chinese law enforcement in Panshi City, Jilin Province, have arrested six individuals accused of operating an illegal money exchange. The operation involved nearly 2.14 billion yuan ($300 million) in transactions between the Chinese Renminbi (RMB) and the South Korean Won. The suspects, including Jin Moudong and Shen Mou, leveraged the anonymity and cross-border capabilities of cryptocurrencies to facilitate illicit transactions for entities such as Korean purchasing agents and various trading companies.

The Public Security Bureau's investigation revealed substantial transaction flows through the suspects' bank accounts, leading to the confiscation of numerous bank cards and instruments related to the crime. The group is alleged to have engaged in foreign exchange business without proper authorization, utilizing over-the-counter (OTC) cryptocurrency trades and domestic accounts to receive and transfer payments. The successful operation underscores China's commitment to regulating its financial sector and addressing illegal activities within the cryptocurrency market. Authorities continue to encourage market participants to comply with legal and regulatory standards to prevent similar fraudulent schemes.

#fraud #corruption #cryptocurrency #general #organized-crime #money-laundering #tax-fraud #crime

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