$1.7B in Cryptocurrency Laundered by 63 Gang Members in China

An anonymous gang of 63 people has been arrested in China for laundering 12 billion Yuan ($1.7 billion) through crypto.

$1.7B in Cryptocurrency Laundered by 63 Gang Members in China

Tongliao City's Horqin Branch of the Public Security Bureau successfully eliminated a money laundering ring, according to local media reports.

Shi Mouyuan's construction bank card showed abnormal capital flows, which prompted police in Horqin Branch to investigate.

The gang affected a number of provinces and cities. The gang even had members arrested in Thailand.

After a three-month investigation, a task force of 230 police officers searched 17 provinces, cities, and autonomous regions for three months before arresting 63 suspects, including leaders Zhang and Ji.

Besides fraud, pyramid schemes, gambling, and other illicit activities, authorities reveal the gang has been operating since May 2021. It has since been laundering illicit wealth using crypto assets.

93 suspects were also arrested in China. Previously, Chinese authorities busted criminal gangs laundering funds with cryptocurrencies. The cryptocurrency was used to hide 40 million yuan by a gang in Hengyang Couthat had laundered.

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