Police in China have arrested over 1,100 people on money-laundering charges, claiming they used cryptocurrency to help them evade the law.
The arrests come as authorities in China step up their crackdown on cryptocurrency trading.
Reports say the money launderers charged their criminal clients a commission of 1.5% to 5% to convert illegal proceeds into virtual currencies via crypto exchanges.
Last month, three industry bodies banned crypto-related financial and payment services, and the State Council vowed to clamp down on Bitcoin mining and trading.
The public security ministry confirmed police had busted more than 170 criminal groups involved in using cryptocurrencies to launder money.
The money launderers charged their criminal clients a commission of 1.5% to 5% to convert illegal proceeds into virtual currencies via crypto exchanges.
China continues crackdowns
China’s State Council ordered a tough crackdown on telco fraud in October 2020.
Executives from two of the largest crypto exchanges that provide services to Chinese investors assisted police with their inquiries.
LimeWire is back with a music-themed NFT collection
Travis Barker and Aitch are among the big names set to launch a new NFT collection with LimeWire
LimeWire is rebranding itself to a music-based NFT hub, and a crypto marketplace.
The controversial file sharing service was ordered to shut down in 2010 after a court injunction was issued by the U.S. Federal Court.
Travis Barker and his Blink-182 bandmates are reportedly very excited by the news. He says he has always been interested in the world of NFTs, and is “stoked” to be releasing his first.
The peer-to-peer file sharing platform is giving music fans the chance to buy and trade a variety of collectibles, including limited edition releases and unreleased demos.
The company says it wants to bring “digital collectibles into the mainstream”.
New collections will be added in the coming weeks.
The original Wolf of Wall Street weighs in on crypto
‘The Wolf of Wall Street’, says crypto investors should saddle up for at least two years before making any money
Jordan Belfort believes the fundamentals of Bitcoin are really strong and is optimistic for the future.
The 59-year-old former stockbroker says crypto-investors can either bet on protocols with a long-term focus, or put a small amount into smaller projects.
He says there’s limited supply, and as inflation continues to rise, Bitcoin will begin to trade like a store of value.
Belfort has changed his tune from previously criticising the ‘get rich quick’ scheme behind cryptocurrencies.
“If you take a three or maybe five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals of bitcoin are really strong,” he told Yahoo Finance.
But he says you should still proceed with caution “that most of the time you will lose and be prepared to lose it all”.
Belfort inspired the 2013 film, ‘The Wolf of Wall Street’, which centres around his life in the fast lane after a Wall Street crash.
Bitcoin is hovering below USD $20,000, and is down over 10 per cent in the last week.
Meanwhile, Ethereum has taken a modest drop by around one per cent.
British Army targeted by crypto scammers
The British Army has fallen victim to hackers who were promoting crypto scams
The Twitter and YouTube profiles of the U.K.’s Armed Services were recently changed to resemble an NFT collection called ‘The Possessed’.
On the Army’s YouTube account, the hacker deleted all videos and replaced with them with old clips of Jack Dorsey and Elon Musk.
The official Twitter account of ‘The Possessed’ NFT warned users of the scam accounts, which showcase tokens that represent ownership of online content.
It is not yet known who was behind the hacking scandal. But the accounts have returned to their rightful owners.
“The Army takes information security extremely seriously and until their investigation is complete it would be inappropriate to comment further,” the Ministry of Defence says.
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