Banning all kinds of crypto money activities in the country, China has increased its efforts to use cryptocurrencies in illegal transactions.
According to the statement made today, Hengyang police carried out an important operation in Hunan province in the south of China.
A large network at the center of crypto money laundering allegations of approximately 40 billion yuan, or $5.6 billion, was caught by the operation.
While the authorities arrested 93 suspects as part of the operation, more than 10 websites and more than 100 electronic devices were seized.
300 million yuan of assets considered to be related to the case were also frozen.
In the statement made by the police, it was claimed that the criminal organization in question bought crypto money with the funds they seized as a result of illegal transactions, and then these money were laundered and converted into dollars.
It was stated that the illegal funds came from telecom fraud and gambling.
It is noteworthy that China, which banned cryptocurrency trading in September 2021, is still in the top 10 in the list of countries that have adopted the cryptocurrency.
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