China has cracked down on a huge group of money launderers through cryptocurrency trading, local media reported.
According to China News, Inner Mongolia police have arrested 63 suspects behind a 12 billion yuan ($1.7 billion) laundering scheme.
After an investigation across 17 provinces into the unusual cash flow of construction company Shi Mouyuan, authorities discovered an international network, operating under a pyramid scam model that converts dirty money into digital currency.
Not only cracking down on cryptocurrencies in illegal activities, China also tightened and banned cryptocurrencies in all forms from September 2021. From mining to trading, crypto payments have also been wiped out of the country that was once the world's largest Bitcoin Mining hub. The difficulty of mining BTC has also fallen sharply since then.