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China arrests 16 over crypto money-laundering ring tied to telecom fraud

July 31, 2026, 3:34 AM
Chinese authorities have arrested 16 people on suspicion of running a cryptocurrency money-laundering ring linked to telecom fraud, The Block reported. Authorities said the group operated as a family-based organization and recruited members of the public to provide bank accounts and debit cards, which were then used to launder illicit funds.

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