TechFlow news, according to Xinhua News Agency, the Changyang Tujia Autonomous County Public Security Bureau in Hubei Province recently cracked a cryptocurrency money laundering case, arresting 22 suspects involved in illegal transactions amounting to 300 million yuan.
In June this year, Changyang police received a report that a resident had invested over 400,000 yuan in an online "investment and wealth management" platform but later found withdrawals impossible. Police quickly analyzed the case, and on July 27, 16 arrest teams comprising more than 40 officers conducted simultaneous operations, arresting 17 suspects in Guangshui City, Hubei Province. Among them, nine were criminally detained. Authorities seized over 500,000 yuan in cash, more than 30 electronic devices including mobile phones and computers, froze over 200,000 yuan in funds, and a cryptocurrency account worth 300,000 yuan.
Suspect Fu confessed that since September 2022, he had been assisting overseas criminals with money laundering, earning 150 yuan for every 10,000 yuan worth of the virtual currency "USDT" traded. To expand operations, Fu recruited relatives, friends, and classmates, offering them commissions based on transaction volume. By the time of his arrest, Fu had amassed illegal gains exceeding 500,000 yuan.
