Crypto NewsNewsChinese Police Announce a Multi-Million Dollar Cryptocurrency Crackdown

Chinese Police Announce a Multi-Million Dollar Cryptocurrency Crackdown

Chinese police announced on their official website that they had collapsed the cryptocurrency group, which had a money flow of $280 million.

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The Yuanbao Branch of the Chifeng City Domestic Security Bureau in China's Inner Mongolia province has made a significant breakthrough by solving a major Ponzi scheme case involving a cryptocurrency platform.

The platform, which has been under suspicion for criminal activities related to the Ponzi scheme, was using cryptocurrencies as part of its operations. The name of the cryptocurrency platform in question was not given in official Chinese sources.

Headquartered in Beijing, the virtual currency platform had a tightly knit organizational structure and used new marketing tactics. At the time of the crime, the platform had more than 18,000 registered members covering 13 provinces and cities across the country. The total transaction flow exceeded 2 billion yuan ($280 million).

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Police took a significant step by arresting 30 suspects and freezing nearly 10 million yuan of funds related to the case. While the investigation continues, the two main suspects surrendered to authorities.

Currently, all crypto assets are banned in China, but there is still a great interest in virtual assets in the country. Many Chinese citizens can access crypto platforms using VPNs.

*This is not investment advice.

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