Beijing police dismantle a $111M crypto laundering network tied to telecom fraud and gambling.
China’s first prosecution for wallet key theft sets new standards for managing virtual assets.
New legal interpretation in China clarifies that virtual assets used in crimes qualify as laundering.
Beijing police uncovered a massive money-laundering network that allegedly moved 800 million yuan (approximately $111.36 million) through cryptocurrency transactions linked to telecom fraud and online gambling.
This criminal operation exploited overseas cryptocurrency platforms to conceal the origins of illegal funds, creating a challenge for Chinese authorities combating cyber and financial crimes.
New Legal Milestone: First Jail Time for Wallet Key Theft
The Beijing police action comes on the heels of a legal precedent in China, where the Xuhui District Procuratorate in Shanghai prosecuted individuals for illegally obtaining digital wallet private keys, representing China’s first case of its kind.
Read also: China, UAE Vow to Crack Down on Crypto-Enabled Crime in Joint Statement
According to officials, three suspects, including a man identified as Liu, co…
The post China Sets Legal Precedent in $111M Crypto Money Laundering Bust appeared first on Coin Edition.
