China seized $5.6 billion in cryptocurrencies over a money laundering scheme

Law enforcement officials have busted a criminal group engaged in money laundering. A total of 40 billion yuan was seized, which equals 5.6 billion evergreens.

According to a local report, Chinese police arrested 93 people in Hengyang on suspicion of laundering about $5.6 billion using digital assets. A new reason for cryptocurrency skeptics to whine about how evil crypto is.

It happened during Operation Hundred Day Action, during which authorities searched 10 physical sites, seized more than 100 electronic devices, and froze about $42 million.

The gang allegedly purchased digital assets with illegal funds and converted them into U.S. dollars to launder the profits. Police say the source of the money was mostly gambling and telecommunications scams.

Although it is worth noting that the percentage of illegal actions with crypto does not go beyond 5%, but even 1%. Therefore, such cases can instead be called even exceptional.