Shandong Police Uncover Dezhou’s First Underground Bank Case Involving Virtual Currency

According to Jinan Daily, the 2023 investigation identified 12 main suspects, more than 100 accounts, and six crypto wallet addresses during a telecom fraud probe.

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Terms & Concepts
  • Crypto wallet address: A blockchain account identifier used to send and receive digital assets on a cryptocurrency network.
  • Underground bank: An illegal money transfer network that moves funds outside the regulated banking system, sometimes using crypto to obscure flows.
  • Telecom fraud: A scam conducted through phone or communications networks, often involving deceptive transfers and cross-border payment channels.