Yueyang, Hunan Police Dismantle Crypto-Linked Network Involving Nearly 1.7 Billion Yuan

A laundering syndicate using cryptocurrency as a cover was dismantled, with over ¥1.7 billion funneled through 20 provinces and 15 suspects arrested.

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193d ago

Summary

Chinese police dismantled a major crypto-linked money laundering syndicate involving ¥1.7 billion, spanning 20 provinces. The network, operating under the guise of OTC crypto merchants, involved illicit funds from gambling and telecom fraud. Over 133 million WLFI tokens were deposited into Binance, while Trump family holdings in WLFI tokens reached around $5 billion. Meanwhile, Metaplanet plans to raise up to $3.8 billion to acquire Bitcoin, targeting 210,000 BTC by 2027. Ethereum gas fees spiked to 130 Gwei due to WLFI activity, and Deutsche Bank increased MSTR holdings.

Terms & Concepts

WLFI: A digital token used in crypto markets, experiencing significant trading volume and movement, especially in relation to Binance deposits.
WLFI token unlock: The release of previously restricted WLFI tokens into circulation, leading to significant changes in the token's market activity and value.
Gas fees: Transaction fees paid by users to miners or validators for processing transactions on the Ethereum blockchain.