From April 2019 to June 2021, crypto wallets in China sent digital assets worth more than $2.2 billion to addresses linked to illicit activity. The report from analytics firm Chainalysis states.
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Among the recipients were accounts linked to money laundering, fraud, drug trafficking, and other illicit activities.
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According to the report, China has seen a sharp decline in illegal cryptocurrency transactions compared with other countries. Among the reasons cited by Chainalysis are a reduction in Ponzi-scheme fraud and authorities’ measures.
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In December 2020, sentenced 14 organizers of the PlusToken cryptocurrency pyramid.
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Key participants in the scheme received prison terms ranging from two to 11 years. In July 2020, the losses were estimated at $5.8 billion.
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