China sentences man to death for laundering $7M in crypto drug proceeds

China's Supreme People's Procuratorate has sentenced a defendant, identified as Li Mobo, to death for laundering over 48 million yuan ($7.03 million) in cryptocurrency, Xinhua News Agency reported. The sentence followed an investigation into a large-scale cross-border drug smuggling and money laundering operation. The report noted that Chinese prosecutors are intensifying money laundering investigations to recover proceeds from drug crimes, having indicted more than 1,200 individuals on related charges between January 2025 and May 2026.