China Detains 16 in Cryptocurrency Money Laundering Crackdown

Chinese authorities have detained sixteen individuals accused of operating a money laundering network that used cryptocurrencies. The suspects allegedly recycled funds from telephone scams by recruiting people to provide their bank cards and payment accounts.

The organization's structure was described as 'family-like', with personal relationships facilitating recruitment and the flow of money. However, no specific amounts or digital assets have been disclosed at this stage.

According to reports, the network used a typical circuit involving rented bank accounts, 'paofen' splitting platforms, and conversion to USDT on the TRON network. This method allows organizers to remain distanced from the initial transfers and multiply intermediaries.