In a significant development, Sichuan authorities have dismantled an illegal cross-border forex operation, resulting in the arrest of 21 suspects and uncovering over $3.9 billion yuan in illicit funds. The case exposed the ongoing challenges faced by regulators in combating illicit cryptocurrency transactions. Authorities arrested individuals from Chengdu, who allegedly operated an exchange platform involving cryptocurrencies and gift cards since August 2021. This operation highlights the need for increased scrutiny on cross-border exchanges as a means of curtailing illegal capital flight. 3.9 billion yuan was illegally exchanged through this illicit operation. Sichuan Public Security has taken action by arresting those involved. The case, which concluded in December 2024, is expected to have a significant impact on the regulatory landscape for OTC and P2P exchanges. China continues its efforts to combat illegal capital flight, targeting operations of overseas financial institutions. No public statements or official releases related to this case are currently available. However, this crackdown underscores the commitment of authorities to tackling illegal crypto practices.