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Bitcoin crackdown has sent 1,100 cryptocurrency plunges arrested for money laundering in China

More than 1,100 people have been arrested in China after Beijing began cracking down on the Bitcoin business in the country.

ChinaThe Ministry of Public Security alleged that the suspect used digital assets to clean up profits from internet and phone fraud.

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More than 1,100 people arrested for puncture wounds by national policeCredits: Reuters
Bitcoin has nearly halved in value since April, when it traded for $ 63,000.As of Thursday, it was worth $ 37,000

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Bitcoin has nearly halved in value since April, when it traded for $ 63,000.As of Thursday, it was worth $ 37,000Credit: AFP

In a raid across 23 states, regions and cities, Chinese law enforcement agencies put together a network of more than 170 crimes on Wednesday.

Arrest BitcoinValue for Beijing to overcome the fear of breaking new restrictions on crypto trading.

Cyber ​​currencies are currently trading at around $ 37,000, starting at a peak of over $ 63,000 in April, according to Thursday figures.

This is in the midst of a Bitcoin crackdown Mining And “trading behavior” by the Chinese Politburo.

“Very illegal income attracts many people and causes serious social harm,” the ministry said.

In May, the Parliamentary Commission said: Crack down It was necessary to “resolutely prevent personal risk from being transmitted to the social arena.”

The arrest also casts doubt on the currency’s mainstay of being “untraceable.”

Bitcoin prices fell almost 12% on Tuesday We Authorities announced that Colonial Pipeline was able to recover most of the Bitcoin ransom paid to hacker group DarkSide in May.

At the New York Post on Tuesday, Anthony Denier, CEO of trading platform Webull, said:

“If the government can get it back, it undermines its appeal.”

Chinese officials claim that criminals are using Bitcoin to launder revenue from elaborate phone and internet fraud.

The move is part of a broader crackdown that has so far banned crypto-related payments by three industry groups.

In late May, the government of Inner Mongolia’s coal-rich region announced a series of rules banning cryptocurrency trading.

Authorities in western Qinghai have also announced a ban on cryptocurrency mining, state news agency Xinhua Finance reported Thursday.

Criminals prefer to use cryptocurrencies for

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Criminals prefer to use cryptocurrencies for “untraceable”Credit: Rex
Elon Musk is a big proponent of cryptocurrencies and is suspected of owning a fair amount of stash

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Elon Musk is a big proponent of cryptocurrencies and is suspected of owning a fair amount of stashCredit: AFP
Money stops here: More and more governments are threatening new restrictions on crypto trading

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Money stops here: More and more governments are threatening new restrictions on crypto tradingCredits: Reuters

Cryptocurrencies are often anonymous, secure forms of digital money. You can use encryption to protect your transactions and run them for minimal processing charges.

Bitcoin is the world’s first decentralized digital currency. That is, there is no central bank or administrator.

The suspect was charged with money laundering crimes.

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El Salvador has made history by becoming the first country to approve Bitcoin as fiat currency



Bitcoin crackdown has sent 1,100 cryptocurrency plunges arrested for money laundering in China

Source link Bitcoin crackdown has sent 1,100 cryptocurrency plunges arrested for money laundering in China

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