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.
Bitcoin prices smash through 50-day average
Bitcoin has risen above its 50-day moving average for the first time since May 12 following endorsements from a few big names
Bitcoin, the world’s biggest cryptocurrency, also recorded its fifth straight day of gains on Saturday.
Recent trends were worrying investors, as the coin declined below US$30,000 last week. Many analysts previously said the declines may serve as an indication of further lows to come.
Elon Musk boosts confidence in Bitcoin
However, Musk’s mentioning of Bitcoin at a conference on Wednesday boosted confidence, contributing to the crypto price surge.
The Tesla CEO also announced that his company Space-X own some Bitcoin, so he wants to coin to succeed.
The Bitcoin gains also came as Wood said corporations should consider incorporating Bitcoin to their balance sheets. Square Inc’s founder also dubbed the coin “resilient”.
‘It was hard to breathe’: Zhengzhou flood terror as train submerged
China’s Zhengzhou is sinking, with thousands trying to flee
Desperate passengers have tried to flee a Chinese subway station drowning in floodwater, as Zhengzhou cops record rainfall.
In one train carriage, water seeped in and rose from ankle to waist, to then, neck height.
Panicked commuters stretched upwards to breathe, while others lifted shorter people into the shrinking air pocket above.
Terrifying videos published on social media captured the moment some passengers stood on chairs and clung to the ceiling, hoping not to drown.
One tried to smash a window, before realising that there was even more water outside the carriage
Another woman who gave her name as “Ms. Li ” told Elephant News. “We were all standing on the seats, and the water was already on our knees,”
After about an hour, the train carriage was plunged into darkness and the oxygen level dropped significantly as people started to panic.
“I was really scared”
Some shorter passengers had water up to their necks, adding that as time went on the air supply began to diminish.
After several hours of fear and uncertainty, rescuers were able to gain access through the roof of the carriage and pulled people out. “We knocked on the glass a bit [on the ceiling]. Then suddenly there was air,” an unnamed woman told state broadcaster CCTV.
Hundreds saved from flooding subway tunnel
Hundreds of people were eventually saved from the flooded subway tunnel in Zhengzhou. The city has a population of more than 10 million people, and many take public transport.
Chinese scientists say global warming has made the situation more dangerous and warn that extreme weather could become more frequent in the future.
Bitcoin bounces back as Musk announces Tesla to accept crypto again
Bitcoin has risen by more than 8 percent, rebounding after erasing most of its gains, with Ether and Dogecoin also moving into the green
It follows Tesla CEO Elon musk reiterating his backing of cryptocurrencies and confirming he owns multiple coins.
Musk also says Space Exploration Technologies Corp owns Bitcoin, just like Tesla.
“It looks like bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used…have been shut down, especially in China,” said Musk at an event hosted by the Crypto Council for Innovation.
However Musk continued saying that “one thing you do need to watch out for with crypto, especially bitcoin, using proof of work, using energy that’s a bit too much and not necessarily good for the environment.”
“I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number. If so, Tesla will most likely resume accepting bitcoin,” he said.
Will the bounce up stay?
Since May, most cryptocurrencies have tumbled dramatically, with around $1.3 trillion wiped from the market value.
Bitcoin has faced numerous challenges in recent times… including regulatory scrutiny in China, Europe and the U.S.
Authorities around the world are concerned about the level of energy needed by the computers that undermine the entire network.
“Long-term, renewable energy will be the cheapest energy, but it doesn’t just happen overnight,” Musk added. “But as long as there is a conscious and determined, real effort by the mining community to move toward renewables, then obviously Tesla can support that.”
Analysts also believe investors are also becoming increasingly more cautious about sceptical assets.
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