Chinese Police Arrest 63 People Accused of Laundering $1.7B Using Cryptocurrency
Policy
Chinese police have arrested 63 people in a massive case that laundered 12 billion yuan ($1.7 billion) for both domestic and foreign criminal groups using cryptocurrency, according to a statement released over the weekend.
The criminal group began its operations in May 2021, with the sources of the funds coming from illegal pyramid schemes, fraud and gambling. The group then converted the funds into the stablecoin tether and then recruited people around the world to open crypto accounts and help launder the funds, according to Chinese authorities.
A total of about 130 million yuan ($18.6 million) in illegal income was confiscated.
Read more: Global Money Laundering Watchdog Says Crypto Monitoring Regime Is Unchanged
Related news
Policy
Apr. 25, 2024
UK Law Enforcement Agencies Can Now Seize Crypto More Easily as New Rules Take Effect
New powers that will make it easier for law enforcement agencies to seize crypto come into effect on Friday. The U.K. passed a crime bill last year to aid crypto seizures, allowing law enforcement agencies to seize funds before making arrests. ...
Policy
Apr. 25, 2024
Consensys Sues SEC Over ‘Unlawful Seizure Of Authority’ Over Ethereum
Ethereum developer Consensys has filed a lawsuit against the U.S. Securities and Exchange Commission, striking back against what the company calls an “unlawful seizure of authority” over Ethereum by the federal regulator. The company wants a fed...
Policy
Apr. 25, 2024
Jebara Igbara, AKA 'Jay Mazini,' Sentenced to 7 Years in Prison for Crypto-Related Fraud
A U.S. district judge sentenced Jabara Igbara to seven years in prison. He purported to be a crypto millionaire and targeted Muslims through a company called Halal-Capital LLC. Jabara Igbara, also known as “Jay Mazini,” who claimed to be a cr...
Policy
Apr. 25, 2024
Stablecoin Bill Could be Ready for the U.S. House Soon Says Top Democrat Maxine Waters: Bloomberg
The top Democrat on the U.S. House Financial Services Committee has told Bloomberg that a stablecoin bill could be ready soon. The latest development strengthens hopes that the U.S. can get a new stablecoin law this year, before the elections, ...
Policy
Apr. 24, 2024
Samourai Wallet Founders Arrested and Charged With Money Laundering
Federal prosecutors charged Samurai Wallet founders Keonne Rodriguez and William Lonergan Hill with conspiracy to commit money laundering on Wednesday, as the U.S. government continues its approach to prosecuting crypto mixing tools that may be u...
Policy
Apr. 24, 2024
Binance Founder Changpeng Zhao Apologizes Ahead of Sentencing, 161 Others Send Letters of Support
Binance founder and former chief executive Changpeng "CZ” Zhao has apologized for his “poor decisions” and accepted “full responsibility” for his actions in a letter to the judge overseeing his case filed on Tuesday. Zhao is scheduled to be sent...
