- A large-scale operation in China has led to the arrest of three individuals involved in a criminal organization that engaged in money laundering and gambling using cryptocurrencies.
- The operation was initiated two years ago following a tip-off from a citizen who suffered significant losses due to a mobile application used for gambling.
- As a result of the operation, over 130 people were arrested, and assets worth $160 million were seized, including cryptocurrencies, mobile phones, and bank cards.
Cracking Down on Crypto Crimes in China
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In China, where cryptocurrencies are banned, a significant operation has been carried out to dismantle a criminal organization involved in activities such as money laundering and gambling. The operation, which began in 2021 and has been expanding ever since, led to the arrest of three individuals who were brought into China from abroad.
From Earning to Losing Big
According to reports in the Chinese media, the operation was initiated two years ago following a tip-off from a citizen. This individual, who resides in China, noticed his colleagues making substantial amounts of money through a mobile application used for gambling, card games, and chess. After downloading the same application and initially making some money, the individual ended up losing approximately 100,000 yuan (around $15,000) after increasing his bets.
The Start of a Major Operation
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After suffering significant losses and noticing the growing popularity of the mobile application, the individual reported the issue to the police. This led the Chinese police to start investigations and surveillance on July 28, 2021. After some time, it was discovered that the mobile application was being used by over 50,000 individuals and was involved in money laundering activities. The application, which also used cryptocurrencies, was then subjected to a court order.
The operation was made more challenging due to the servers of the mobile application being located outside of China and the administrators also being based in overseas countries.
Seizing $160 Million in Assets
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Through meticulous tracking of funds and detailed investigations, the Chinese branches of the organization were gradually exposed. As the operation neared its target, it accelerated, and today, three key individuals of the gang were brought into China. The police also gained access to the cryptocurrency accounts, seized the addresses, and prevented the cryptocurrencies from being transferred to other accounts.
More than 130 individuals were arrested, and over 200 mobile phones, hundreds of bank and credit cards, and 20 cash counting machines were seized.