THELOGICALINDIAN - Chinese authorities accept appear that added than 170 bent gangs accept been alone and over 1100 suspects arrested in the latest annular of crackdown on bent groups accouterment cryptocurrency money bed-making casework for telecom fraudsters
Crackdown on Telecom Fraud Using Cryptocurrency for Money Laundering
The Ministry of Public Security of the People’s Republic of China announced Wednesday that the fifth annular of the “Broken Card” operation has been agitated out.
This has “Severely absurd bottomward on actionable and bent groups that accommodate basic bill money bed-making casework for telecom fraud,” the admiral detailed, adding:
The bent gangs acclimated cryptocurrencies to alteration the funds complex in the case, the advertisement notes.
Police investigations accept appear that these bent gangs usually assignment with “coin farmers” who advice the fraudsters acquit money. These bread farmers would annals with assorted cryptocurrency trading platforms and buy and advertise cryptocurrencies in accordance with the gangs’ specifications. The advertisement describes:
The advertisement added notes: “Up to now, the ‘broken card’ operation has alone 15,000 actionable bent gangs … arrested 311,000 suspects … and controlled 18,000 actionable industry outlets and institutions.”
The Broken Card operation was launched on Oct. 10 aftermost year afterwards the State Council, China’s cabinet, convened an inter-ministerial collective affair to able bottomward on a new blazon of actionable telecom arrangement fraud. The cards afflicted are primarily adaptable buzz cards and coffer cards.
China’s Acquittal & Clearing Affiliation said on Wednesday that the cardinal of crypto-related crimes is on the rise. Cryptocurrencies “have added become an important approach for cross-border money laundering,” the affiliation said in a statement, abacus that they accept already become a accepted agency of acquittal in actionable bank activities. The affiliation acclaimed that about 13% of bank sites abutment the use of cryptocurrencies, which has fabricated tracking added difficult.
Chinese authorities accept afresh stepped up their efforts to able bottomward on adulterous activities involving cryptocurrencies. Besides reiterating its cryptocurrency prohibition issued several years ago, three industry bodies afresh banned crypto-related banking and acquittal services. The State Council has additionally adumbrated that it will catch bottomward on bitcoin mining. On Wednesday, Bitcoin.com News reported that China’s Qinghai arena has instructed bitcoin mining operations to shut down.
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