ONLINE WORLD NEWS Chinese police arrest 63 people accused of laundering $1.7 billion 2 months ago Szarlot Post Views: 118 Police in China said 63 people accused of laundering as much as 12 billion Chinese yuan ($1.7 billion) using cryptocurrency have been arrested. A gang is accused the stablecoin tether to launder proceeds from pyramid schemes and other criminal activities. Police running the investigation destroyed more than 10 money-laundering dens. Police in China said they have arrested 63 people facing criminal charges of using cryptocurrency to launder as much as 12 billion Chinese yuan ($1.7 billion). A gang in May 2021 started converting proceeds from pyramid schemes, fraud, gambling and other illicit activities into tether , a so-called stablecoin pegged to the US dollar, according to a weekend statement from the Tongliao Public Security Bureau that serves eastern Inner Mongolia. At least 130 million Chinese yuan worth of proceeds were confiscated following an investigation that involved more than 200 police officers. The investigation was jumpstarted in July after a local bank account held by one of the accused suspects was used for monthly deposits of more than 10 million yuan in cash. The gang was accused of using messaging service Telegram – which is blocked in China – to hire people to establish anonymous blockchain accounts and then paid commissions. Police running the investigation at the Horqin branch destroyed more than 10 money-laundering dens. The arrests took place after China last year ordered a ban on cryptocurrency mining and trading. Source: businessinsider.co.za About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: arrest, Chiny, crypto, gang Continue Reading Previous Trend watching in the iGaming world: Slotegrator’s forecastNext How Cryptocurrency Is Enhancing The Online Sports Betting Experience More Stories ONLINE WORLD NEWS BtoBet showcases full retail solution at ICE London 19 hours ago Iwo Bulski ONLINE SOUTH AFRICA The Rise of Mobile Gaming in South Africa 4 days ago Szarlot BETTING WORLD NEWS Bookmaker 1xBet denies problems with license and connection with Russia 4 days ago Samuel ONLINE WORLD NEWS TVBET enhances its iGaming footprint through St8 partnership 5 days ago Iwo Bulski ONLINE “Ice Breaker”, cyberattacks targeting gaming and gambling industry 5 days ago Szarlot KENYA ONLINE The State of Gaming and E-sport Space in Africa 6 days ago Samuel CASINO WORLD NEWS Black Edition is back for Novomatic 6 days ago Iwo Bulski ONLINE SOUTH AFRICA The Competitive Gaming Scene In South Africa 6 days ago Szarlot ONLINE WORLD NEWS Playtech to deliver €400m EBITDA for 2022 7 days ago Iwo Bulski ONLINE SOUTH AFRICA 2023 Northern Cape Online Championships 7 days ago Szarlot ONLINE WORLD NEWS Technamin appoints Hmayak Manukyan 7 days ago Samuel EXPERTS WORLD NEWS What Will Be The Future of Sports Betting Around The World? 1 week ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.