In China, 93 suspects detained over $5.5 billion cryptocurrency money-laundering case

The Hengyang District Public Security Bureau (Hunan Province, PRC) has cracked the case of the criminal group ‘9.15’, which launders money through cryptocurrencies. Local media report this.

According to the agency, since 2018 the group members received proceeds from fraud and gambling, which they then converted into cryptocurrency and moved into U.S. dollars. The proceeds were subsequently sent to various companies in China for laundering.

In total, the criminals laundered up to 40 billion yuan ($5.5 billion).

Law enforcement conducted raids in Hainan, Guangdong, Fujian, Jiangxi and other provinces, where more than 10 money-laundering sites were discovered. More than 100 mobile phones and computers were seized, and 300 million yuan ($41.8 million) was confiscated.

Ninety-three suspects have been detained. The investigation is ongoing.

Earlier this week in Brazil, a suspect in a crypto scam was ordered to reimburse $3.7 billion.

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