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Rizhao Public Security Bureau Cracks Case of “Double Supervision” Involving Digital Currency

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On February 23, it was reported that recently, under the command of the Criminal Investigation Bureau of the provincial department, the New Crime Research and …

Rizhao Public Security Bureau Cracks Case of Double Supervision Involving Digital Currency

On February 23, it was reported that recently, under the command of the Criminal Investigation Bureau of the provincial department, the New Crime Research and Operation Center of Rizhao Public Security Bureau cracked a case of “double supervision” of the provincial department, killed three underground banks that used digital currency USDT as money laundering acceptors, seized 15 suspect in Xuzhou, Jiangsu, Taizhou, Zhejiang, Zhangzhou, Fujian and other places for several consecutive days, detained 6 vehicles, 10 computers, more than 30 mobile phones, and more than 30 million yuan of funds involved in the case.

Rizhao Public Security Bureau cracked down on three underground banks of money laundering acceptors using digital currency USDT, involving more than 30 million yuan

Interpretation of the news:


The Rizhao Public Security Bureau in China has recently made a significant breakthrough in its criminal investigation efforts, as it successfully cracked a case of “double supervision” involving digital currency. This operation was carried out under the command of the Criminal Investigation Bureau of the Provincial Department, and aimed to target underground banks that used digital currency USDT (a stablecoin pegged to the US dollar) as a means to launder money.

The operation led to the killing of three underground banks and the arrest of 15 suspects. The suspects were located in different areas, such as Xuzhou in Jiangsu province, Taizhou in Zhejiang province, and Zhangzhou in Fujian province. As part of the operation, the police detained six vehicles, ten computers, more than 30 mobile phones, and more than 30 million yuan in funds that were involved in the illicit activity.

This successful operation is a significant milestone in China’s fight against money laundering using digital currencies. The country’s authorities have been actively seeking ways to curb illicit activities conducted using cryptocurrencies, which have been used to evade detection and regulation. By using digital currencies such as USDT, criminals are able to launder money more easily and efficiently, and it is much more difficult for law enforcement agencies to trace the origin and destination of funds.

The Rizhao Public Security Bureau’s success in this operation indicates that Chinese authorities are making progress in their efforts to combat money laundering using digital currencies. It also shows that law enforcement agencies are adapting their tactics to keep up with the evolving methods used by criminals to conduct illicit activities.

In conclusion, the Rizhao Public Security Bureau’s successful operation represents a significant victory in China’s efforts to combat money laundering using digital currencies. The use of USDT in this case underscores the growing importance of stablecoins in illicit activities and highlights the need for increased vigilance and regulation in this area.

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