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Beijing Police Seize 2.5 Million Yuan in Counterfeit Cash Using Crypto Settlement

Beijing police arrested 15 suspects and dismantled eight sites where fake currency was produced and traded using cryptocurrency as payment.

Summary

Beijing police confiscated over ¥2.5 million in counterfeit currency, arrested 15 suspects, and dismantled eight counterfeiting sites. Most suspects were born after 2000 and reportedly used overseas software to learn forging techniques. The counterfeit notes were sold through cryptocurrency-based transactions.

Terms & Concepts
  • Cryptocurrency Settlement: The use of digital currencies such as Bitcoin or stablecoins to finalize transactions or payments, often outside traditional banking systems.
  • Counterfeit Currency: Fake money produced without legal sanction, intended to imitate real currency to deceive recipients.
  • Forging Site: A location where illegal currency or documents are produced through unauthorized means.