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Authorities in China escalated their campaign against cryptocurrencies, arresting more than 1,100 people suspected of using the digital assets to launder ill-gotten funds and ordering mines to shut down in one of its western provinces.
In a swoop spanning 23 provinces, regions and cities, Chinese police on Wednesday rounded up more than 170 criminal groups that engaged in cryptocurrency trading in order to launder money obtained via telephone and online scams, the Ministry of Public Security said in a statement. The suspects repeatedly converted the assets from one cryptocurrency to another to cover their tracks, it said.
