Chinese police uncover a $136 million crypto money laundering scheme
Authorities discovered that the group used digital currencies to circumvent financial regulations
13.02.2025 - 10:40
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What’s new? Chinese police have uncovered a large-scale underground banking scheme in which cryptocurrency was used to transfer funds across borders. According to a China National Radio report published on February 12, 2025, the network laundered more than 1 billion Chinese yuan ($136 million) across several provinces. Authorities found that the group used digital currencies to circumvent financial regulations, and key members were involved in illegal currency transactions.
What else is known? Investigators found that the group consisted of close associates, including family members and friends, who conducted unregistered currency transactions. The group used domestic accounts to purchase cryptocurrency, which was then exchanged overseas for foreign currency.
Law enforcement began monitoring the network in June 2024 after discovering suspicious transactions in the bank accounts. Further examination of financial records revealed frequent fund transfers involving multiple personal and corporate accounts. Authorities in Yanbian, Jilin, launched an official investigation that led to the arrest of seven key suspects in August 2024. According to officials, the leader of the group later turned himself in.
What is known about the perpetrator? Zhang Liang was a key figure in the scheme. After studying in Liaoning, he worked in the tourism industry before going abroad in 2016. His personal use of underground banks to pay for tuition and expenses led him to explore illegal currency exchange as a business. Zhang initially profited from currency fluctuations by providing services to overseas clients. He later expanded to unauthorized fund transfers by working with employment agencies and middlemen.
According to experts of the analytical blockchain platform Chainalysis, in 2024, the volume of illegal cryptocurrency turnover amounted to nearly $41 billion.
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