The police in Qingdao, Shandong, jointly cracked a case involving an underground bank with an amount of 15.8 billion yuan and arrested a dealer involved in the illegal buying and selling of virtual currency

ChainCatcher news, according to Yangtze Evening News, the police in Qingdao, Shandong Province, have jointly cracked a major underground bank case involving an amount as high as 15.8 billion yuan, which spans 17 provinces and municipalities across the country, and have arrested brokers involved in the illegal buying and selling of virtual currencies.

In November 2022, the Qingdao police discovered that the accounts of a person named Jin and others were extremely abnormal, with over a thousand accounts showing an average daily flow of more than 3 million yuan and a total transaction amount exceeding 2 billion yuan. Additionally, large amounts of funds exhibited abnormal characteristics such as high-frequency operations and rapid in-and-out transactions around the clock.

Li is an ordinary employee of a textile company in a county-level city, but the fund flow of the third-party bank cards associated with her name and controlled by her reached over 5 billion yuan, which is clearly inconsistent with her identity. Therefore, we conducted an investigation focusing on her trading counterpart and found that Li's other identity was actually a broker specializing in the illegal buying and selling of virtual currencies. Li helped Jin convert a large amount of funds into Tether and other virtual currencies through an overseas virtual currency trading platform. After obtaining conclusive evidence, the case handlers carried out a net-seizing operation. The Qingdao police seized virtual currencies such as Tether and Litecoin worth approximately 2 million yuan on-site. The case has now been transferred to the procuratorate for review and prosecution.