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News of a new operation came from China, known for its bans on Bitcoin and cryptocurrencies.
Chinese authorities arrested six people as part of a nearly $300 million cryptocurrency scam, local news agency China News reports.
China, which has imposed strict sanctions against BTC and cryptocurrencies, has captured six suspects who allegedly used cryptocurrencies to facilitate illegal foreign exchange transactions between Chinese yuan and South Korean won.
In a statement made by police teams in Jilin province, they said that they found that the criminal group was using local accounts to receive and transfer money and conducting over-the-counter cryptocurrency transactions.
The police also added that the transactions in question amounted to 2.14 billion yuan ($295.8 million).
*This is not investment advice.
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295 Million Dollar Cryptocurrency Operation in China! 6 People Arrested!

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