Chinese police have identified an underground banking scheme that used digital assets to illegally exchange yuan and South Korean won worth $295.8 million.
Local media reported the arrest of six suspects in Jilin Province (Jilin) in the north-east of the country. Many bank cards and other "criminal tools"were seized from them.
According to law enforcement officers, the criminal group was engaged in illegal currency business, using internal accounts to receive and transfer funds.
They have resorted to over-the-counter digital asset trading, won settlement, and other methods to help Korean purchasing agents conduct cross-border online trading.
Police officials noted that the attackers took advantage of the inherent features of cryptocurrencies such as anonymity of transactions, decentralization and unhindered cross-border transfers.
An abnormal flow of daily transactions through the accounts of two suspects, in which various counterparties were involved, served as a" clue " for law enforcement officers. According to the recommendations, such activities correspond to the characteristics of underground banking.
Local media reported the arrest of six suspects in Jilin Province (Jilin) in the north-east of the country. Many bank cards and other "criminal tools"were seized from them.
According to law enforcement officers, the criminal group was engaged in illegal currency business, using internal accounts to receive and transfer funds.
They have resorted to over-the-counter digital asset trading, won settlement, and other methods to help Korean purchasing agents conduct cross-border online trading.
Police officials noted that the attackers took advantage of the inherent features of cryptocurrencies such as anonymity of transactions, decentralization and unhindered cross-border transfers.
An abnormal flow of daily transactions through the accounts of two suspects, in which various counterparties were involved, served as a" clue " for law enforcement officers. According to the recommendations, such activities correspond to the characteristics of underground banking.
