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Police in China Arrest Gang Who Laundered $1.7 Billion in Crypto

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Police in China arrested 63 people accused of laundering as much as $1.7 billion through cryptocurrency, Arjun Kharpal reports for CNBC. The gang allegedly used various cryptocurrency trading accounts to convert the money back into Chinese yuan. The gang also used the messaging service Telegram, which is blocked in China, to help find recruits to help launder money. The arrests come as Beijing has cracked down on trading digital coins. Last year, Chinese police arrested over 1,100 suspected of laundering money through cryptocurrencies.

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