Chinese Police Conducted a New Crypto Operation! Here are the Details…

6 people were detained in the crypto operation in China.

The Panshi City Public Security Bureau in China has taken action against an underground digital asset platform that used crypto assets for transactions in Chinese yuan and Korean won. Authorities detained 6 people as part of this operation.

In the last shared press release, it was said that more than 2 billion yuan (about 300 million dollars) of physical and digital assets were seized in this operation.

The investigation began after bankers reported to police that suspiciously large sums of money were being transferred from the suspects' private accounts at very frequent intervals.

The investigation revealed that this team used digital assets to illegally move money between South Korea and China. Authorities made the following statement regarding the issue:

“The suspects were engaged in illegal commercial activities and bartering businesses. These names serve Korean purchasing agents, cross-border e-commerce operators, as well as Korean companies.

A day ago, South China Morning Post claimed that Chinese executives, who receive their salaries in digital yuan, were working with such groups to convert these assets into cash.