Authorities in Inner Mongolia Detected 12 Billion Yuan Money Laundering Fraud in Cryptocurrencies


December 10, Tongliao (Reporter Zhang Linhu). The Horqin Branch, Inner Mongolia Autonomous Region’s Tongliao Public Security Bureau, said that it took three months for a money laundering gang to be destroyed. They used blockchain to exchange virtual currency. The gang involved in money laundering used digital currency transactions to aid domestic and foreign criminal organisations in laundering money. The gang used offshore chat software in order to recruit offline workers in series. They then converted the money suspected of fraud, online pyramid schemes, and gambling into virtual currency and registered anonymous blockchain through a large group of illegal individuals. To make illicit profits, the account address is converted to RMB and given the upstream criminal group. After “getting the order,” the money laundering duties will be assigned to several money laundering groups. Team leaders will recruit low-level employees for money laundering operations. Gang bosses, team leaders and cashiers collect commissions for each money laundering job. This website provides general market commentary. It does not provide investment advice. We encourage you to do your own research before investing.Join us to keep track of news: coincu.comChubbiCoincu NewsTags: cryptofraudInner MongoliaMoney launderingScamyuan


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