China arrests 1,100 crypto users on money laundering charges

China arrests 1,100 crypto users on money laundering charges June 10, 2021 Advertisement Advertisement China's crackdown on cryptocurrencies is heating up with a series of arrests that suggest digital currency users can be traced. Advertisement More than 1,100 people who allegedly used cryptocurrencies to launder profits from frauds were arrested Wednesday, the country's Ministry of Public Security said in a statement . The busts involved 170 criminal groups who authorities say hired "coin farmers" to open crypto accounts after bank accounts they used for their alleged scams had been seized. "The high illegal income attracts a large number of people…