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Holding 28,600 BTC, worth 1.8 billion USD, the wallet cluster is suspected to be linked to the Zhimin Qian money laundering case

According to on-chain detective Specter, it has discovered a cluster of wallets holding 28,600 BTC, worth approximately $1.8 billion, suspected to be related to wallets previously attributed to the money laundering case of Zhimin Qian.A few weeks ago, a Bitcoin wallet that had been dormant since 2017 transferred 1,020 BTC, worth about $60 million, and began distributing funds to multiple addresses in a manner consistent with money laundering activities. After tracking these transactions, Specter found that the related wallet cluster was connected to publicly associated addresses investigated in the UK concerning Zhimin Qian. From 2014 to 2017, Zhimin Qian organized large-scale investment fraud in China, affecting over 128,000 victims. UK authorities later traced a significant amount of criminal proceeds flowing into Bitcoin, with the Met Police ultimately seizing 60,000 BTC, marking the largest cryptocurrency seizure in UK history at that time.In July 2021, UK authorities transferred the seized BTC, creating identifiable on-chain associations. Following the recent transfer of 1,020 BTC, Specter identified additional wallets, which currently hold a total of 28,600 BTC, worth approximately $1.8 billion. These wallets have largely been dormant since June 2021. Based on on-chain evidence, it remains unclear whether these wallets are still controlled by the same actor, other custodians, or have been identified by law enforcement.

first_img Data: In June, South Korea's net outflow of stablecoins overseas reached 560.3 billion won, marking 18 consecutive months of net outflow

According to the Korea Herald, in June this year, the five major cryptocurrency exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, Gopax) had a stablecoin outflow to overseas exchanges amounting to 27.625 trillion won, while inflows from overseas reached 22.022 trillion won during the same period, resulting in a net outflow of 5.603 trillion won, which is equivalent to 77.6% of the net overseas stock purchases by South Korean investors (approximately 7.22 trillion won) during the same period. At the beginning of last year, this ratio was only around 20%.The report states that stablecoins have been in a net outflow state for 18 consecutive months from the beginning of last year to June this year, contrasting with some months of net selling in overseas stocks. In the second quarter of this year alone, the net outflow of stablecoins was 16.872 trillion won, while overseas stocks experienced a net selling of 16.185 trillion won. These outflowing stablecoins are believed to be primarily used for derivatives trading not offered by domestic exchanges. Recently, overseas exchanges have launched spot and futures products for major South Korean stocks such as Samsung Electronics, SK Hynix, and Hyundai Motor, in addition to cryptocurrency futures, with some high-leverage products allowing for tens of times leverage on indices or individual stocks.
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