Chinese Law Enforcement Freezes 4000 Crypto Bank Accounts Over Illicit Transactions

The seizures began on the 4th of June and were reportedly enforced due to the growing trend of illegal activities carried out by many crypto over-the-counter traders. Reports suggest that a lot of these transactions were facilitated through Tether’s USDT.

According to a report from the Chinese crypto news platform, 8BTC, the over-the-counter crypto traders facilitated several illegal activities such as money laundering and gambling. The report also adds that in addition to the seizures, local police are learning blockchain analysis to enable them to isolate accounts and track crypto transactions.

Crypto has long been used in illicit activities because of its anonymous nature which makes it very difficult to trace.

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