Crackdown on “Double Supervision” Case of Money Laundering through Digital Currency

02/23/2023 13:08 • NFT Newsflash • 135 views

On February 23, it was reported that recently, under the command of the Criminal Investigation Bureau of the provincial department, the New Crime Research and Operation Center of Rizhao Public Security Bureau cracked a case of “double supervision” of the provincial department, killed three underground banks that used digital currency USDT as money laundering acceptors, seized 15 suspect in Xuzhou, Jiangsu, Taizhou, Zhejiang, Zhangzhou, Fujian and other places for several consecutive days, detained 6 vehicles, 10 computers, more than 30 mobile phones, and more than 30 million yuan of funds involved in the case.

Rizhao Public Security Bureau cracked down on three underground banks of money laundering acceptors using digital currency USDT, involving more than 30 million yuan

Interpret the above information:

The message reports that the Criminal Investigation Bureau of the provincial department has cracked a case of “double supervision” of the provincial department in money laundering using digital currency USDT. The operation was carried out by the New Crime Research and Operation Center of the Rizhao Public Security Bureau, which resulted in killing three underground banks that were involved in the case. The operation also led to the arrests of 15 suspects in several locations including Xuzhou, Jiangsu, Taizhou, Zhejiang, Zhangzhou, Fujian, and other places for several consecutive days. The assets involved in the case were seized, which include 6 vehicles, 10 computers, more than 30 mobile phones, and more than 30 million yuan of funds.

The term “double supervision” in the message refers to the case of money laundering being supervised by two different departments, which could mean that the investigation was complicated and might take longer to resolve. The use of digital currency USDT as a money laundering acceptor is also noteworthy. USDT is a stable coin that pegs its value to that of the US dollar. Its usage in money laundering is on the rise globally, primarily because transactions can be carried out anonymously through blockchain technology. The crackdown on this case is, therefore, a significant achievement in combating money laundering via digital currency.

The arrests made in various locations, including Jiangsu, Zhejiang, and Fujian, reveal that the money laundering network was extensive and operated across different provinces. The assets seized, including vehicles, mobile phones, and computers, will help investigators to track the flow of funds and establish the individuals and organizations involved in the case.

To conclude, the crackdown on the “double supervision” case of money laundering using digital currency USDT is an essential development in combating money laundering through digital currencies. The operation has revealed the existence of an expansive underground network, which operates across different regions of China. The arrests made and assets seized will provide valuable insights into the individuals and organizations involved in the case, which will aid in further investigations.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/2775.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.