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China’s Crypto Conundrum: Billions Seized, No Rulebook in Sight
China’s Crypto Conundrum: Billions Seized, No Rulebook in Sight
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China’s pile of seized cryptocurrencies continues to grow despite a ban on crypto trading and non-recognition of digital tokens as legal assets. Authorities are able to convert these coins into cash. With crypto adoption on the rise, cybercriminals are exploiting the opportunity, leading to a surge in scams, money laundering, and illegal gambling involving digital assets. In 2023, Chinese authorities prosecuted over 3,300 individuals in crypto-related crimes worth approximately $59 billion, nearly ten times the previous year’s total.
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