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22 Suspects Arrested in $300 Million Crypto Money Laundering Case

According to Foresight News: Chinese authorities have arrested 22 suspects in connection with a cryptocurrency money laundering case involving over 300 million yuan ($46 million). The operation was supported by the 'integrated' special task force of the Yichang Public Security Bureau and the Changyang Tujia Autonomous County Public Security Bureau.

During the investigation, the main suspect, Fu, confessed to purchasing virtual currency U-coin through various loans and investments in order to undertake 'running points' business. Fu then sold the U-coin to overseas individuals who would transfer the funds obtained through scams to the accounts provided by Fu. The suspect would then withdraw the money from bank counters. By the time of the arrest, the suspects had illegally profited by more than 5 million yuan ($770,000), with a total money laundering amount reaching 300 million yuan ($46 million).

On August 4, police dismantled the fraudulent group that set up the upstream blockchain trading platform for the 'running points' gang in cities such as Wuhan, Xiaogan, and Jingmen. Currently, 14 suspects have been criminally detained by the Changyang police on suspicion of assisting in information network criminal activities and concealing and hiding criminal proceeds. The case is still under further investigation.

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