Shanghai Police Crackdown Targets Crypto Wallet Launderers, Arrest 11

In a major operation targeting crypto money laundering in Shanghai, authorities have dismantled a criminal network and arrested 11 individuals for engaging in illicit activities. The arrests come as part of China’s ongoing efforts to combat financial fraud, with the focus on dismantling schemes using registered virtual currency wallets. 11 suspects were apprehended during raids between April 22nd and 23rd in Qingpu District following a report of funds stolen through phishing attacks. This operation underscores China’s commitment to preventing illegal transactions.