Chinese Authorities Dismantle $295 Million Illegal Crypto Ring
Monday, 13 May 2024, 12:37
Chinese Authorities Dismantle $295 Million Illegal Crypto Ring
The Chinese government has shut down illegal crypto banking activities through the Panshi City Public Security Bureau in Jilin Province. Local media reported the perpetrators exploited crypto's anonymity for illegal foreign exchange.
$295 Million Moved Across Borders Using Crypto Channels
The police investigation unveiled that the criminals had moved funds worth approximately 2.14 billion renminbi (RMB), equal to roughly $295.79 million.
Impact to Global Economy: 5/10
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