In a groundbreaking two-year investigation, Chinese authorities have uncovered a large-scale cross-border online gambling case with a staggering turnover of 400 billion yuan (approximately $56 billion), revealing the prominent use of digital assets in facilitating the crime in China. At the center of the operation is Qiu Moumou, the alleged mastermind, who now faces trial.
Investigation by Chinese authorities unveiled a massive international crime ring that strategically used cryptocurrency to conceal its activity, making it exceptionally difficult for the authorities to trace the source of funds and grasp the full extent of the operation. However, a breakthrough allowed for the arrests of suspects in various provinces, leading to the dismantling of 14 alleged gangs, the apprehension of over 130 individuals, and the seizure of computers, mobile phones, and bank cards.
Notably, during their efforts, the police managed to seize over $160 million USD worth of cryptocurrency, marking a significant milestone in virtual currency retrieval in the country. This case is being recognized as a landmark instance of digital assets being leveraged to facilitate criminal activities.
It's important to note that China had declared all cryptocurrency trading illegal in September 2021, following a previous ban in 2019, but the use of cryptocurrencies has persisted among millions of Chinese users. While the mainland continues to adopt a stringent approach, Hong Kong, as a special administrative region, has been moving towards establishing itself as a digital asset hub.
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