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Chinese Authorities Break Up Billion-Dollar Crypto Money Laundering Ring

Police in Inner Mongolia have arrested 63 people in association with a scheme that allegedly laundered 12 billion yuan ($1.7 billion), China News reports.

Following an investigation into unusual money flows from construction firm Shi Mouyuan, authorities reportedly discovered a wide network that operated internationally and "converted funds suspected of online pyramid schemes, fraud, gambling and other crimes into virtual digital currency."

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