About 63 people were arrested recently in China due to connections in $1.7 billion money laundering scandal. It is said the gang used Cryptocurrency to covert the money that was made through illegal means, gambling, pyramid schemes, and fraud.
The gang used multiple accounts to covert the money and eventually cashed out in chinese yuan. These illegal activites are said to have started in May 2021. They commissioned anyone who helped launder the money as well and used social media as a means of recruiting. 130 chinese yuan has been confiscated by authorities.
The criminals had tried to flee the country, to Thailand, but were shortly returned back to China by means of undisclosed persuation.
China has been cracking down hard on money laundering and Crypto, and arrested 1,100 people this past year alone in relation to the two.
