Chinese authorities bust $5.6bn crypto money laundering ring

China continues to crack down on various cryptocurrency operations.

Most recently, the Chinese province of Hunan saw 93 people arrested for laundering up to $5.6bn using cryptocurrencies.

China suspended all cryptocurrency operations a few years back and prohibited all cryptocurrency mining, causing an exodus of companies who sought cheap electricity elsewhere, including Kazakhstan.

However, many cryptocurrency operations went underground with hundreds if not thousands of individuals now playing cat-and-mouse with the authorities.

Any sort of cryptocurrency operation is deemed illegal under current laws in the country. According to the authorities, the individuals who were apprehended had used crypto to convert their proceedings into US dollars.

The operation has been up and running since 2018 and may still have some people who are free and still running parts of it.

Most of the time, cryptocurrency operations in China are based all over the country to reduce the risk of authorities clamping down on all participants at the same time.

Chinese authorities have become very good at detecting crypto use, monitoring blockchain transactions and spikes in electricity to determine where illicit operations may be based.

During the most recent arrest, authorities managed to seize funds worth $41.9m among other paraphernalia that was used by the criminals.

If you want to stay away from crypto mining, there are much more fun ways to spend your time with crypto.

Use your cryptocurrencies to play at some of the best online casinos out there, including 1xBit, FortuneJack or They are all there to help you have a great time!

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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