Report: Chinese users play a big role in crypto-related crimes
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Answer Report: Chinese users play a big role in crypto-related crimes
A new report from blockchain data analytics firm Chinalysis revealed that accounts of cryptocurrency users in China sent more than $2.2 billion in digital currencies to addresses linked to criminal activities such as scams and dark transactions in about two years.
However, large-scale Ponzi schemes are less common in China than in other countries.
Cryptocurrencies fuel illegal operations in China:
According to search Conducted by data platform Chainalysis, Chinese crypto wallets transferred more than $2.2 billion in cryptocurrency to accounts related to money laundering, drug smuggling and other illegal activities between April 2019 and June 2021.
These addresses also received another $2 billion in cryptocurrency from criminal sources.
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Although the numbers appear high, they have decreased significantly over the two-year period compared to other countries.
Chinalysis explained that the main reason behind this is the fact that large-scale Ponzi schemes are no longer common in the world’s most densely populated country.
However, the report noted that China is the center of the global fentanyl trade, noting that many drug producers are using digital currencies to carry out transactions.
Chinese criminals involved in money laundering also use digital currencies and cryptocurrency exchanges in related matters.
Some of them even built their illegal companies out of these suspicious business transactions.
According to the Chinalysis report, the Asian nation is taking measures against such bad actors, citing Zhao Dong, the founder of several Chinese OTC companies as an example.
Zhao pleaded guilty in May to money laundering crimes after authorities arrested him earlier, for his involvement in illegal online activities.
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While cryptocurrency scams and cryptocurrency scams are common in China, the Chinese state authorities impose strict penalties on those involved in such criminal cases.
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