Chinese authorities have announced that more than 170 criminal gangs have been eliminated and over 1,100 suspects arrested in the latest round of crackdown on criminal groups providing cryptocurrency money laundering services 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 round of the “Broken Card” operation has been carried out.

This has “Severely cracked down on illegal and criminal groups that provide virtual currency money laundering services for telecom fraud,” the ministry detailed, adding:

More than 170 criminal gangs have been eliminated, more than 1,100 criminal suspects have been arrested.

The criminal gangs used cryptocurrencies to transfer the funds involved in the case, the announcement notes.

Police investigations have revealed that these criminal gangs usually work with…

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Source: https://news.bitcoin.com/china-arrests-1100-people-cryptocurrency-launder-criminal-proceeds/