Bitcoin

After dismantling a cross-province drug trafficking gang operating in China, the police in Shanghai have unveiled the existence of a wide-reaching network of software contacts and <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> payments deployed to cover tracks in an elaborate scheme.Specifically, drug users and traffickers used “overseas social software” to establish contact, upon which the former would make payments using <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> assets, and the latter would hide packages of narcotics in specific locations, according to a <a href="https://export.shobserver.com/baijiahao/html/625946.html" rel="noopener noreferrer nofollow">report</a> published by Shanghai Observer on June 26.As it happens, the police revealed the case on the eve of the International Day Against Drug Abuse and Illicit Trafficking,” stating that it involved “the sale of new drugs, as well as cultivation, processing, and sale of marijuana by a criminal gang,” through the “fully contactless internet drug trafficking chain, which has become the main form of drug trade today.”<h2 id="header-0">Unravelling the knot</h2>In February, the police in the Putuo District of Shanghai received a report that someone was selling LSD “stamps,” sparking an investigation in which the narcotics officers pretended to be buyers. However, the task was challenging as the drug dealers demanded payments in crypto, as there was no physical contact between the parties involved, “leaving the identity of the drug traffickers a mystery,” as one police officer explained.That said, the police had a breakthrough after going through a vast amount of video footage from the area that the drug dealers provided as the location for the narcotics, which they secured in a plastic bag and carefully hid at the bottom of a mailbox in an old apartment building, leading to multiple arrests.<h2 id="header-1">China versus crypto</h2>According to the report, the increasing role of the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto market</a> and overseas social media platforms in the country has led to the proliferation of online drug trafficking and similar transactions, as well as the formation of online drug supply chains.Meanwhile, China has been in a complicated relationship with the crypto sector, which has ranged from a complete ban on mining cryptocurrencies such as Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) to its Supreme Court <a href="https://finbold.com/win-for-crypto-as-chinas-supreme-court-approves-its-use-to-settle-debts/" rel="noopener noreferrer nofollow">approving</a> the use of crypto to settle debts to the Beijing Municipal Science &amp; Technology Commission releasing a <a href="https://finbold.com/china-releases-white-paper-for-web3-development-bullish-sign-for-crypto/" rel="noopener noreferrer nofollow">white paper</a> intending to foster innovation and development within the web3 industry.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>

Chinese police: Crypto and ‘overseas messaging apps’ used in drug trafficking

Table of Contents

Finbold

Other articles published on Jun 26, 2023

Crypto Bull Run: Predicting the Next Altcoin Season Amid Bitcoin Price Retest

Ripple-SEC Lawsuit Nears Conclusion: XRP Community Urged to Keep Expectations Realistic

Alibaba Cloud Partners with NEAR Foundation as Crypto-Friendly Founder Set to Take Over

$BAMA 4.2597% token has been burnt

Ethereum Rival Polkadot Updates Governance System, This New Hybrid Exchange To Introduce AI

Swiss Prosecutors Freeze $26 Million in Crypto Belonging to Terraform Labs and Executives, Sygnum...

Join our free newsletter for daily crypto updates!