Chinese authorities have detained six individuals suspected of running a $300 million illegal cryptocurrency money laundering operation in a high-stakes crackdown. The operation, discovered by the Public Security Bureau in Panshi City, Jilin Province, allegedly utilized underground banks and virtual currencies to launder money between China and South Korea.

The suspects utilized the autonomy and anonymity of cryptocurrencies to illegally exchange Chinese Renminbi and South Korean Won, enabling large-scale, cross-border money laundering.

The Economic Investigation Brigade of the Panshi City Public Security Bureau initiated the investigation, uncovering that Jin Moudong and Shen Mou, residents of Jilin, operated currency exchange businesses in both countries. They engaged in fraudulent transactions before returning to China.

An investigation revealed that bank accounts linked to Jin Moudong and Shen Mou processed significant transaction volumes, exhibiting suspicious activities typical of illegal underground banking.

Following an intensive investigation into their financial activities, social connections, and organizational structure, the suspects were apprehended. A significant number of bank cards and tools used in their criminal activities were seized. Their operation facilitated currency exchanges for Korean purchasing agents, cross-border e-commerce platforms, and import-export trading companies by exchanging Renminbi and Korean Won.