Beijing police in coordination with the Beijing branch of the State Administration of Foreign Exchange have just successfully destroyed a large-scale money laundering ring using virtual currencies, seizing more than 20 billion yuan. The case was carried out by sophisticated and diverse criminal methods, originating from transactions on the "dark web" to illegal foreign currency trading activities, creating a complex and difficult-to-trace transaction chain.
Buying and selling personal information: Origin of crime ring
According to CCTV News, last year, Beijing police received information about a group of subjects using the "dark web" and virtual currency to buy and sell personal information of Chinese citizens.
Hundreds of accounts have participated in buying and selling with information amounting to hundreds of millions of data, including ID card numbers, phone numbers, home addresses, etc. All transactions are made through virtual money.
Through investigation, police discovered that suspect Yan Moumou used virtual currency to make payments during the process of buying and selling personal information.
The police also determined that Yan Moumou is not the only clue but also has the participation of Lin Moumou - a subject who has long conducted illegal foreign exchange transactions through virtual currency.
The "mysterious black hand" with a "foreign identity" is revealed
Investigating further, the police followed the trail and discovered that the criminal group used fake personal information to hide their true identities. Through technical analysis, the police discovered that this address was registered by a Vietnamese person with his real name.
This process shows that Lin Moumou is just a "pawn" in a transnational crime ring run by a "boss" from abroad. This "boss" lured Lin Moumou to participate in illegal activities and also attracted 5 other people.
Authorities said that in just half a month, the criminal group created more than 10 blockchain wallets and 30 bank accounts for money laundering purposes. It is estimated that the amount of money laundered by this group within a year is more than 20 billion Yuan, with illegal profits of more than 2 million Yuan.
After a period of monitoring and collecting evidence, by December 2023, the police deployed forces simultaneously in many localities, arresting all related suspects. More than 20 phones, 30 bank cards and many other electronic devices were seized.
This serious case once again raises the alarm bell about the increasing crime related to virtual currency, seriously affecting economic and social security.
Chinese authorities recommend increasing vigilance and staying away from illegal trading activities to protect yourself and avoid unfortunate consequences. The act of buying and selling foreign exchange and money laundering with virtual currency is illegal and will be subject to criminal prosecution.
