Chainalysis, the blockchain data provider, recently divulged that Chinese digital asset accounts had transferred more than two billion dollars worth of virtual currencies to addresses tied to criminal activities like swindling and darknet transactions in a period of approximately 2 years. Nevertheless, wide-reaching Ponzi schemes are less renowned in China than in other nations.
As per a recent research conducted by the blockchain data platform Chainalysis, Chinese digital asset wallets transferred over 2 billion USD worth of virtual currencies to accounts related to money laundering, drug trafficking, and other unlawful activities between April 2019 and June 2021. The aforementioned addresses also received an additional two billion dollars in virtual assets from illicit sources.
Nonetheless, the research emphasized that China is the center of the international fentanyl trade, mentioning that several drug producers employ virtual currencies to execute transactions.
Chinese offenders involved in money-laundering activities also use digital assets and cryptocurrency exchanges in their affairs. Apart from that, a couple of them have even put up their unlawful firms on top of these trading venues.
According to Chainalysis, the Asian country takes measures against such bad players and gave an illustration with the founder of numerous Chinese OTC businesses – Zhao Dong. He pleaded guilty in the month of May to money laundering acts subsequent to being arrested by the authorities earlier for helping internet criminal activities.
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