Chinese man arrested for money laundering with virtual currency, with funds exceeding 8.8 million euros! (From Coinsradar.net)

Recently, a Chinese man in Italy was arrested by the Carabinieri for suspected money laundering using cryptocurrency, and cryptocurrencies worth about 600,000 euros were seized.

The Carabinieri in Rome noticed that a Chinese man was suspected of illegally using cryptocurrency for money laundering.

The Carabinieri investigation found that on the social platform, the man called himself a "24-hour decentralized bank" and could buy and resell any type of cryptocurrency for customers.

The man held a large amount of cash to exchange for cryptocurrency. Since 2021, more than 3,000 currency transactions have been processed, with a total fund size of 8.8 million euros. He charged 5% to 10% of the total amount as a handling fee for each transaction, and a single transaction even exceeded 100,000 euros.

However, conducting cryptocurrency transactions without the necessary authorization has been suspected of illegal financial activities and money laundering crimes.

It is reported that the man is well-known in the field of cryptocurrency, and he was even interviewed by the media as an industry expert at the "Blockchain Week" event in Rome not long ago.

At present, the Roman Carabinieri have carried out preventive detention on the man at the request of the court and seized 6 mobile phones, 2 laptops and 8 credit cards.

At the same time, the Carabinieri seized the cryptocurrencies he held, including Bitcoin, Ethereum, Tether, MATIC, etc., with a total value of about 600,000 euros.

According to reports, this is the largest amount of cryptocurrency seized by the Italian Carabinieri so far.

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