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Crypto Crime Fueled by Chinese-Language Money Laundering

Crypto News

Cryptocurrency laundering was an $82 billion problem last year, Bloomberg News reported Tuesday (Jan. 27), citing data from blockchain analysis firm Chainalysis.

Chinese-language money laundering networks made up $16.1 billion of that total as they play an increasing role in crypto crime, the report said.

“These are groups that are growing exponentially,” Andrew Fierman, head of national security intelligence at Chainalysis, told Bloomberg, per the report. “We’re talking about growth of over 7,300 times faster than other illicit flows.”

Although China has outlawed crypto transactions, illegal activity continues as the government chiefly focuses on behavior that threatens capital controls or financial stability, according to…

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