Chinese Authorities Arrest Over 1,100 People In Crypto Crime Crackdown

Chinese Authorities Arrest Over 1,100 People In Crypto Crime Crackdown

The arrests come amid a greater call to take on financial crimes nationwide.

Andrew H. Sweet
  • The bust spanned 23 different major provinces and cities and rounded up more than 170 “criminal gangs,” the Ministry said.
  • These arrests are happening amid Chinese authorities fighting to rein in crypto nationwide.
  • This, the fifth leg of what local authorities dubbed “Operation Card Broken,” is meant to crack down on fraudsters peddling phone cards and credit cards across international borders.
  • Back in late 2020, Chinese President Xi Jinping pushed law enforcement to take a tougher stance on telco fraud after more than 30,000 people were caught committing these sorts of scams in the first half of the year.
  • Per the Ministry’s statement, the people caught up in the latest crackdown weren’t only the telco fraudsters themselves, but also folks who offered bitcoin-laundering services to these criminal enterprises.

Read the original story here.

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