Chinese police said they have busted a criminal group that used cryptocurrencies to launder 40 billion yuan (US$5.6 billion) as authorities crack down on illicit fund flows in the country.

The criminal group allegedly bought cryptocurrencies with illicit funds, then traded the crypto for U.S. dollars to launder their profits, the police said.

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BTC update while you're here:

btc chart 27 September 2022