Police in China Seizes About $3.8 Million in Digital Currencies

The law enforcement agencies in China confiscated nearly $3.8 million in crypto assets after taking a team of EOS gambling apps into their custody, the local media reports suggested. Following anonymous tips about the Biggame app, the officials in China’s third smallest district of Jiangsu opened an investigation into it and arrested as many as 15 people.

Police authorities confiscated nearly 1.3 million units of Bitcoin and EOS. Reportedly, it is the first-ever case in the Asian country involving crypto. The gaming developed by developers in Jiangsu attracted online users worldwide to play games like dice while they placed their bets using smart EOS blockchain contracts.

Later, the investigating team revealed that the developers behind the app made more than ten million dollars in profit between 2018 and 2020. Interestingly, it is not the first-ever crypto-related crime that the Chinese authorities have gone after. In 2020, the law enforcement had arrested more than a hundred people linked to PlusToken – a shady plan that earned fraudsters more than $5.7 billion.

The extraordinary development comes as rising concerns that the Chinese regime might use cryptocurrencies for illicit activities against the United States. However, the recent operation by police suggests that Beijing is trying its best to curb any blockchain-linked frauds, including money laundering and other activities.

Their efforts to quell such activities are evident by a rising number of court filings in this regard. As per the official records, as many as a hundred people have been charged and convicted with crypto-related money laundering. As of now, China remains the global hub for the decentralized payment system, especially in terms of mining and distribution.

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